Increased pressure for forex drags down naira value against US dollar

On Wednesday, the naira bowed to pressure as foreign currency demand in the official market increased by 37.4 percent.

FMDQ reports that at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market demand for the dollar rose to $130.73 million compared to $95.17 million.

The increased demand for the dollar saw Naira depreciate to N416.50/$1 compared with N416.00/$1 it closed on Tuesday.

This indicated that the value of the Naira depreciated at the midweek session by 0.12 percent or 50 kobo.

Similarly, Naira put up a poor performance against the British pounds and Euro.

Read also: Again, naira depreciates against US dollar

Nigerian currency against the British Pound Sterling on Wednesday dropped in value by 83 kobo as it was sold at N564.68/£1 compared with N563.85/£1 on Tuesday.

Against the Euro, the local currency lost 73 kobo to trade at N474.12/€1 in contrast to N472.39/€1 it was exchanged on Tuesday.

At the black market, traders at Ajao estate, Ikotun and Ikeja confirmed to Ripples Nigeria on the telephone that a dollar exchanged at N577.

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