After 2 days of gains, Naira depreciates, exchanges at 418.88 to a dollar

After appreciating for two days, the Naira on Thursday fell in value against the US dollar by 0. 21 per cent at the Investors and Exporters window.

The local currency was exchanged at 418.88 to the dollar, compared to 418 traded on Wednesday.

During trading, increase demand for dollars drove down value of Naira to as high as N444.00 before it settled at N418.88 as participants traded $157.46 million.

Read also: Naira value appreciates by 1.3% against US dollar as forex supply rises

Naira also came under pressure against other foreign currencies as it lost N4.49 against the British Pound Sterling to settle at N523.56/£1 in contrast to the previous day’s value of N519.07/£1 and against the Euro, it depreciated by N2.12 to close at N445.07/€1 compared with N443.95/€1 of the midweek session.

However, the Nigerian Naira exchange rate to dollar at the Peer-to-Peer (P2P) window of the FX market remained unchanged at N616/$1 and at the parallel market, the Naira was exchanged with the Dollar at N603/$1.

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