Naira in early rebound, makes first gain in 2023 against the dollar at official market

CenturyPost January 4, 2023

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The first trading day of the New Year (2023), on Tuesday, started on a mix for Naira at the official and black foreign exchange markets.

According to data from FMDQ Securities Exchange, in the Investors and Exporters (I&E) segment where Naira is officially traded it appreciated to N461.00/$1.

That is 50 Kobo or 0.11 percent increase in value compared with last Friday’s rate of N461.50/$1.

The data also showed that Forex worth $153.45 million were transacted among participants.

However, at the Peer-to-Peer (P2P) segment, the Naira depreciated against the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange market.

In the P2P forex window, the value of the Nigerian currency weakened against the greenback by N6 to close at N749/$1 compared with Monday’s value of N743/$1.

Also, in the black market window, the local currency lost N2 against the American currency yesterday to settle at N737/$1, in contrast to the preceding session’s N735/$1.

Meanwhile, in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro yesterday at N540.70/£1 and N479.45/€1, respectively.