The Naira sustained its positive momentum against the dollar at the various forex market segments on Thursday after falling to a record low last week.
In the Peer-to-peer window, the currency gained N28 against the greenback to sell for N660/$1 compared with the previous day’s N682/$1 and in the parallel market, it black market, it appreciated by N5 to trade at N640/$1 in contrast to Tuesday’s rate of N645/$1 as calm is gradually returning to the space after two turbulent weeks.
Also, at the spot market, the domestic currency improved against the American currency by N1.47 or 0.34 per cent to quote at N429.20/$1 in contrast to the preceding day’s N430.67/$1 amid an increase in the supply of FX to the system by the Central Bank of Nigeria (CBN).
The forex turnover for the session was $123.76 million, 22.0 per cent or $34.92 million lower than the $158.68 million achieved a day earlier, according to data from the FMDQ Securities Exchange.
In the interbank segment of the market, the Naira, however, traded flat against the British Pound Sterling and the Euro at N509.68/£1 and N421.32/€1 respectively.
