Another day, another loss for Naira at official markets

It was negative trading for the Nigerian naira again at the official markets, as it fell further by 26 kobo, or 0.06 percent to the U.S dollar.

Data from FMDQ securities where Naira is officially traded showed that at the Investors and Exporters (I&E) section of the foreign currency market, the Naira to US dollar exchange rate finished at N416.33/$1, compared to N416.07/$1 the previous day.

This occurred amid a fall in the value of forex transactions at the I&E segment as turnover stood at $67.71 million, 140.3 per cent or $94.99 million lower than the $162.7 million recorded a day earlier.

Similarly, at the interbank segment of the market, the domestic currency depreciated against the American currency by 17 kobo as it closed at N416.88/$1 in contrast to N416.71/$1 it was transacted on Thursday.

Read also: Naira closes January strong across all official markets

However, the Nigerian currency appreciated against the Pound Sterling on the final trading day of the week by N1.31 to sell for N565.96/£1 compared with N567.27/£1 it was sold at the previous session.

But the domestic currency traded weaker against the Euro at the interbank segment yesterday by N8.03 to finish at N478.41/€1 in contrast to N470.38/€1 it was traded on Thursday.

The black market rate remained unchanged and will be starting off this new week at N565 the same way it ended on Friday.

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