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

It was negative trading for the Nigerian naira in the official foreign currency market, as it fell further in value versus the US dollar on Thursday.

According to data from the FMDQ Security Exchange, where the currency is legally exchanged, Naira closed at N411.83 per $1.

The performance on Thursday represents a N0.88 or 0.21 percent depreciation from the previous session on Wednesday, when it traded at N410.95.

This happened as forex turnover fell by $137.09 million, or 60.4 percent, as transactions totaling $89.89 million were completed, compared to the previous session’s $226.98 million.

Read also: Reps ask CBN to halt further devaluation of Naira

However, the exchange rate between Naira and the dollar remained unchanged at the unofficial market.

Data posted on abokiFX.com, a website that collates parallel market rates in Lagos shows, Naira remained at N502.00 per $1, the same rate it has been trading since June 4 last week.

Nigerian Naira, however, appreciated by N2 against the British Pound Sterling to close at N713/£1 versus the previous N715/£1.

It also gained N1 against the Euro at the black market to close at N606/€1 in contrast to N607/€1 it traded on Wednesday.

By David Ibemere…

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