Naira Trades at N436 at Investors FX Window
The Nigerian local currency, the Naira, appreciated slightly against the United States dollar at the Investors and Exporters window on Monday as it exchanged at N436 as the foreign reserves tracked lower further for third weeks.
The closing FX rate represents a 0.08 per cent appreciation compared to the N436.33 for which the United States dollar was exchanged on Friday’s close. READ:Naira Improves as Gross External Reserve Rises
Meanwhile, currencies analysts said the new spot FX rate in the Investors window was actually a recovery since the local currency has lost significant value from the previous N415 sold in the first half of the year amidst a louder devaluation tantrum.
Nigeria’s foreign receipts from crude oil exports is down as both production volume in the country and global prices of oil slide. Market data from FMDQ Exchange showed a thin recovery line as the open indicative rate closed at N435.67 to the dollar on Monday.
Traders said an exchange rate of N441 to the dollar was the highest rate recorded within the day’s trading before it settled at N436. It was noted that the Naira sold for as low as N423 to the dollar within the day’s trading.
A total of 78.10 million dollars was traded at the official Investors and Exporters window on Monday.
Elsewhere, Great Britain Pounds sterling worsened against the US dollar at the global market at £1 to $1.076 following a decision of Prime Minister Truss to cut tax – a move that economists believe favours the super-rich.
# Naira Trades at N436 at Investors FX Window#
