Forex pressure weakens Naira against US dollar

The Nigerian currency on Wednesday weakened against the dollar at the official market amid increased demand for dollars by Nigerians.

FMDQ securities data showed that Naira’s value dropped by 75 kobo or 0.18 per cent to close yesterday’s trade at N419.25/$1 from the previous day’s N418.50/$1.

The poor performance of the Naira occurred as demand for forex rose by 91.6 per cent or $96.23 million to $201.34 million from Tuesday’s $105.11 million.

Read also: Naira recovers amid increase in forex supply

However, it was a different story for Naira against the British Pound Sterling as it appreciated by N2.23 to trade at N516.87/£1 compared with Tuesday’s closing rate of N519.10/£1.

Similarly, against the Euro, Naira gained 65 kobo to sell at N437.48/€1 versus the preceding day’s N438.13/€1.

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