Naira continues fall against U.S dollar at official market

NIGERIAN currency continued its devaluation to the U.S dollar on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market.

Data obtained from FMDQ website showed Naira lost 3 kobo or 0.01 percent to close at N415.10/$1 as against the N415.07/$1 it was traded on Wednesday.

The two consecutive days of Naira loss signaled the return of increases demand from exporters and investors at the market window.

FMDQ data showed the value of transactions recorded on Thursday was $263.70 million, which was 78.9 per cent or $116.26 million higher than the $147.44 million the previous day.

Similarly, at the interbank segment of the market, Nigerian currency witnessed a downward movement against the U.S currency by 4 kobo to close at N411.06/$1 in contrast to the previous day’s N411.02/$1.

However, the Naira gained N2.96 against the British Pound Sterling at the same market window to close at N564.54/£1 compared with the previous rate of N567.50/£1.

Naira also gained against the Euro, at the Interbank forex market by 53 kobo to settle at N477.03/€1 compared to N477.56/€1 on Wednesday.

There was also a bit of good news at the black market as traders who spoke to Ripples Nigeria disclosed that dollar exchanged for N560. ■

Author: David Ibereme

[Courtesy: Ripples Nigeria]

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