Naira Rises as Importers FX Demand Moderates

Naira Rises as Importers FX Demand Moderates

The Nigerian naira rose moderately, halted three days of depreciation against the dominant currency, the US dollar, at the official market as demand moderated ahead of the week’s close.

Data from FMDQ Exchange showed that local currency appreciated against the dollar on Thursday as it exchanged at N771.69 at the Investors and Exporters window.

The local currency gained by 0.22 per cent compared to the N773.42 it exchanged for the dollar on Wednesday. FX traders said the open indicative rate closed at N777.82 to the dollar on Thursday.

Data showed that a spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N771.69.

The naira sold for as low as N700 to the dollar within the day’s trading. A total of US$121.60 million was traded at the investors and exporters window on Thursday. A total of 169.07 million dollars was traded at the investors and exporters window on Wednesday.

Forex demand for foreign currencies spiked in the open market yesterday. This came following the apex bank’s decision to bring back Bureau de Change operators into the fold.

Channel checks showed that the parallel market depreciated by 0.56% to N905 from N900. The Nigerian local currency is expected to lose weight week on week as a result of weak defence against the dominant US dollar. The exchange rate was below N740 per US dollar at the close of trading sessions last week.

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ogochi Ndubuisi is creative content manager with interest in marketing and advertisement. Ogochi supports MarketForces Africa's clients corporate communication units with content development and liaise with media unit for disseminable product information.