Monday, Apr 19th 2021 10:08 AM

Market Digest Nigeria


Naira records gain against the dollar

Nigeria’s currency on Tuesday gained 0.34 percent to close at N408.60k per dollar compared to N410.00k closed since two days at the Investors and Exporters (I&E) forex window, data from FMDQ on Tuesday showed.


This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria’s currency.
Nigeria’s central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can’t access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

The gain recorded by Naira in the I&E window, Ripples Nigeria gathe

red was due to improved liquidity in the market as foreign exchange market turnover rose significantly by 134.63 percent to $123.37 million on Tuesday from $52.58 million recorded on Monday, February 22, 2021.

In the black market, however, currency remained at N480 per dollar on Tuesday.

At the Bureau De Change (BDC) segment Naira weakened by N1.00k as the dollar closed at N478 on Tuesday as against N477 closed on the previous day.

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