Naira appreciates by 1.5% against dollar
The naira experienced a slight appreciation at the official market, trading at N1, 431.49 to a dollar on Friday.
Data from the official trading platform of the FMDQ revealed that the naira strengthened by N21.79 or 1.5 per cent, compared to the previous day’s rate of N1,453.28 against the dollar.
However, the total turnover decreased to $199.71 million on Friday, down from $288.47 million recorded on Thursday.
Meanwhile, at the Investor’s and Exporters’ window, the naira traded between N1,468 and N1,301 against the dollar.
The Central Bank of Nigeria had earlier announced the completion of clearance of the valid foreign exchange backlog, signalling a positive development in the forex market
On the impact of forex intervention, researchers at Cordros Securities said, “The recent overhaul and increased intervention in the FX market have bolstered confidence and facilitated Foreign Portfolio Investors inflows into the forex market.”
They also highlighted renewed interest from foreign portfolio investors in the fixed-income market, as stop rates on the long-end bills rose above 20.0 per cent.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Uncategorized
Rangers coach assures fans of three-point win against Heartland
Rangers will be hosted by the team from Arugo city in an Oriental Derby.
Uncategorized
INEC promises to protect Delta nationalities’ interest in constituency delineation
Ms Gumus said the commission entertained submissions by political and traditional representatives from the federal constituency.
Uncategorized
FG commiserates with Russia over Moscow attack
The Federal Government said it conveyed its deepest condolences to the people and government of the Russian Federation on the attack.
Education
FUT, Minna pro-chancellor seeks increased funding for public varsities
“Poor funding is a major impediment toward the growth of public universities.’’
Lagos
Group urges Lagos govt to provide smoke-free public places
Mr Adjete urged the government to create awareness/campaigns to enlighten people on the dangers of secondhand smoke.
NationWide
NSCDC nabs seven suspected rail tracks vandals in Plateau
“The suspects loaded the items in two trucks and heading to a yet-to-be identified destination.’’
