Another day, another loss for Naira against foreign currencies, as pressure persists

On Thursday, the value of the Nigerian naira fell further against the US dollar, British pound, and euro, as black marketers continued to take advantage of customers in need of quick foreign currencies, but are wary of banks documentation.

Data from Abokifx show, the Nigerian currency depreciated against the United States Dollar by N3 to trade at N520/$1 compared to N517/$1 it did on Wednesday.

Similarly, Naira depreciated against the British Pound Sterling by N1 to close at N708/£1 in contrast to N707/£1 of the preceding session.

While the Euro gained by N1 to close at N607/€1 in contrast to N606/€1, it exchanged hands the day before.

However, at the Investors and Exporters (I&E) segment of the market, where Naira is officially traded, the Nigerian currency gained marginally according to data obtained from FMDQ securities.

Read also: After two days of loss, naira gains against U.S dollars

The data showed a 8 kobo or 0.02 percent gain for the Naira as it closed at N411.67/$1 compared with N411.75/$1 of the earlier trading day.

This happened as the market turnover for the day expanded by 16.7 percent or $18.93 million to $132.31 million from $113.38 million recorded at the midweek session.

What this means is that as of the close of trade on Thursday, the gap in currency rates between the official and black markets is currently N108.33.

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