The Nigerian currency made a slight recovery on Tuesday at the Investors and Exporters window where Naira is officially traded.
According to data from the FMDQ Securities Exchange, the Naira exchanged for N419.50/$1 yesterday, a 0.18 per cent or 75 kobo increase when compared with the N420.25/$1 it traded on Monday.
Naira’s good performance happened despite a 19.8 per cent or $24.39 million drop in forex supply to $98.52 million from the previous day’s $122.91 million.
It was the same good performance for Naira at the interbank window as it closed stronger against the Pound Sterling by N2.40 to trade at N523.05/£1 compared to the previously traded rate of N525.45/£1 and on the Euro, the Naira gained N2.58 to close at 444.99/€1 in contrast to Monday’s N447.57/€1.
The good performance of the Naira also reached the Peer-to-Peer (P2P) segment of the market yesterday as it appreciated against the American currency by N8 or 1.30 per cent to settle at N608.00/$1 compared with the preceding session’s exchange rate of N616.00/$1.