Naira Trades Strong at Investors, Exporters FX Window
The Nigerian Naira appreciated against the United States (U.S.) dollar in the Investors’ and Exporters’ foreign exchange window, closing at N763.00. The spot rate translates to a 0.67 per cent rise against the greenback when compared with N768.17, which it exchanged for the dollar at the close of business on Monday.
Market data showed that the open indicative FX rate closed at N760.50 to the dollar on Tuesday. An exchange rate of N841 to the dollar was the highest rate recorded within the day’s trading, before settling at N763. The Naira sold for as low as 467 to the dollar within the day’s trading.
A total of 245.65 million dollars was traded at the official investors and exporters window on Tuesday. In the parallel market, exchange rate improved to N770 from N775 on the previous day ahead of the Islamic celebration.
In the global market, oil struggles to make an uptrend despite a soft dollar following weak economic data in China. The US dollar was on the soft side since the start of the week, but US data has come in on the strong side.
This makes analysts reluctant to think the US dollar has much further to fall in the second half of the week and ahead of Sintra’s speech by Federal Reserve Chair Jerome Powell. #Naira Trades Strong at Investors, Exporters FX WindowNigerian Treasury Bills Yield Rises to 7%
