Naira records slight recovery at official market, sells at N419.02/$1

The Nigerian currency made a recovery against the US dollars at the last trading session after recent struggles.

Data from FMDQ securities where Naira is officially traded showed that the Naira appreciated to N419.02/$1 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, May 20.

Naira’s performance is a 0.31 per cent or N1.31 recovery when compared to N420.33/$1 it closed on Thursday last week.

However, the interbank segment of the market, showed that the Nigerian currency continued its depreciation against the British Pound Sterling and euro.

The CBN exchange data shows Naira exchanged at N2.15 to trade at N518.64/£1 versus the preceding session’s N516.49/£1.

It was also a poor performance against the Euro, as Naira’s value dropped by N1.75 to close the day at N439.23/€1 compared with N437.48/€1 of the previous day.

Also, at the Peer-to-Peer (P2P) window, the local currency depreciated by N1 against the American currency to trade at N616/$1 compared with the preceding day’s exchange rate of N615/$1.

-Media Report

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