On Tuesday, the Nigerian currency gained ground against the US dollar in the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.
According to data obtained from FMDQ securities, the Naira gained 27 kobo (0.06 percent) to settle at N414.80/$1 on Tuesday, up from N415.07/$1 on Monday.
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This occurred as Forex supply increased by 87.00 percent to $279.37 million at the end of Tuesday’s trading session, compared to $149.53 million at the end of the previous session on Monday.
The interbank market, on the other hand, was a different story, with the local currency losing one kobo against the US dollar, trading at N411.64/$1 compared to N411.63/$1 the previous session.
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However, it gained N3.32 against the British Pound Sterling, trading at N550.07/£1 versus N553.39/£1 on Monday, and gained N1.06 against the Euro, trading at N463.09/€1 versus N464.15/€1.
Naira exchanged at N562 on Tuesday, according to Black Market traders who spoke to Ripples Nigeria, compared to N560 at the start of the week.