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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.

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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.

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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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