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Naira Watch

Another day, another loss for Naira against U.S dollar

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The value of Naira suffered another loss to the U.S dollar on Tuesday, making two consecutive trading days of losses since the independence day celebration.

According to data from the FMDQ Security Exchange, at the investors and exporters window where the currency is legally exchanged, Naira closed at N414.30/$1.

The performance on Tuesday represents a N0.75 or 0.18 percent depreciation from the previous session on Wednesday when it traded at N413.55/$1.

Read also: Naira closes strong against U.S dollar on Tuesday

During the trade yesterday the value of the transaction went up by 11.32 percent or $12.32 million to $121.15 million from $108.83 million recorded on Monday.

A look at the exchange rate at the interbank segment of the market indicated that yesterday, the Nigerian currency appreciated by one kobo against the American currency to sell at N410.82/$1 as against N410.83/$1 it was traded on Monday.

Ripples Nigeria check on various black-market traders showed the average value of the Naira to the Dollar stood at N568/$1.

“It depends more on how much you are exchanging, we can go as low as N565/$1,” a trader told Ripples Nigeria.

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