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Naira weakens at official market

  • Business

The Nigerian Naira fell 0.11 per cent, or 50 Kobo, on Wednesday due to strong demand for Dollars in the Investors and Exporters (I&E) segment of the foreign currency (forex) market.

According to data from FMDQ Securities Exchange, the Naira value depreciated against the United States Dollar in the official market during the session to sell at N446.00/$1 compared with the NN445.50/$1 it traded a day earlier.

According to data from FMDQ Securities Exchange, the value of FX trades rose by 95.2 per cent or $71.17 million to $145.89 million from the preceding session’s $74.72 million.

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Also, in the parallel market, the local currency depreciated against the greenback in the midweek session by N5 to close at N780/$1, in contrast to Tuesday’s exchange rate of N775/$1.

However, in the Peer-to-Peer (P2P) window, the value of the Nigerian currency paired with its US counterpart to close flat on Wednesday at N794/$1.

In the interbank window, the Naira lost N3.18 against the Pound Sterling to trade at N526.97/£1 versus N523.79/£1, and against the Euro, it lost N1.07 to settle at N455.56/€1 compared with the previous day’s N454.49/€1.

Source: Ripples Nigeria