Stock Market: Naira Maintains Value Against Dollar

Tuesday’s official market’s investor and exporters window saw the value of the Naira closing unchanged versus the US dollar.

The Nigerian Naira finished at the same rate it did on Monday, N461.50/$1, according to FMDQ Securities.

A total of $55.52 million worth of transactions were carried out during the session, which is $72.0 percent or $143.08 million less than the $198.60 million worth of transactions that were carried out the day before.
The dollar-to-naira exchange rate remained unchanged in the Investors and Exporters (I&E) window, the official market, but it increased in the peer-to-peer (P2P) sector and decreased in the parallel market arm of the foreign currency (FX) market.

In the peer-to-peer (P2P) market, the local currency increased against the dollar by N1 yesterday, trading at N756/$1 as opposed to N757/$1 the day before.

In the black market, which is the streets, it decreased by N2 to close at N745 to $1, down from N743 to $1 on Monday.

In the interbank market, the Naira finished Tuesday at N554.07/£1 and N491.72/€1, respectively, remaining unchanged against the Pound Sterling and the Euro.

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