Naira Climbs to N1372, Spot Rate Touches N1360 Briefly
The Nigerian local currency, the naira, appreciated against the US dollar at the official window on Tuesday, closing at N1372 following a significant rally.
Demand for US dollar payments undercut supply. The official spot exchange rate touched an intraday low of N1360 per dollar, closing the trading session at N1367 in the absence of FX liquidity pressure in the local currency market.
Some Broadstreet analysts expressed a positive view about the exchange rate outlook, citing rising external reserves and receipts from hydrocarbon sales.
The US Dollar index has been weakening globally for about 3 to 5 months as the greenback continues to lose its grip amidst sell American trade. The Naira is finally taking advantage of that opening, supported by FX reforms. UBA Group Announces Loknath Mishra as CEO of UBA UK
