Naira gains at official FX market, strengthens against pound — Daily Times Nigeria Press "Enter" to skip to content

Naira gains at official FX market, strengthens against pound

The Naira, on Tuesday, 6 February, 2018, appreciated against the US Dollar at the official spot Foreign Exchange (Forex) market and strengthened further over the Pound sterling at the parallel segment of the FX market.

The close of yesterday’s trading activities saw the local currency at the Central Bank of Nigeria’s (CBN’s) spot market gained further to close at N305.80 against the dollar, compared to N305.85 traded on Monday and N305.90 exchanged a week ago.

Also, at the unofficial forex market, the Naira, settled at an appreciated rate of N500 to the Pound sterling, stronger than N502 sold the previous day and N504 sold last week. Although, the Nigerian currency closed yesterday’s trading at an unchanged rate of N362 and N442 against the dollar and Euro, respectively.

But at the Investors and Exporters (I&E) FX window, the Africa’s largest economy legal tender dropped against the dollar, closing at N360.45 against N360.10 stood a day earlier, representing 0.10 per cent declined, even as it trading at an appreciable rate of N 359.93 compared to N360.25 recorded on Monday and N360.03 on Friday.

The special forex window, however, declared an appreciable transactions turnover of $134.60 million, better than $133.19m exchanged the first trading day of this week and higher than $133 m sold on Friday.

Meanwhile, the global oil prices rose on Monday, poised to make above 70 dollars on a slight decline in the number of U.S. rigs drilling for new production and sustained OPEC output cuts.

Brent sweet crude futures were at 67.95 dollars a barrel, 33 cents above their last close.

Traders said the gains were due to a slight decline in the number of U.S. rigs drilling for new production. The rig count eased by five in the week to Jan. 5 to 742, according to data from oil services firm Baker Hughes.

In spite of this, U.S. production C-OUT-T-EIA is expected soon to rise above 10 million barrels per day, largely thanks to soaring output from shale drillers. Only Russia and Saudi Arabia produce more.

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