More headaches for importers, as Naira value drops at all official markets

Nigerian importers face tough decisions as the Nigerian currency continues its poor performance to the US dollars at official exchange markets.

According to data from investors and exporters, the Naira closed at N415.75 to a dollar yesterday compared to the N415.33/$1 on Monday.

The performance of the Naira comes as participants transacted $165.30 million compared to the $95.07 million the previous day.

The increased demand for dollars in fact saw Naira fall to N444 to a dollar during the day’s trading.

Similarly, at the interbank market Naira depreciated further to N416.36/$ compared to N416.26/$.

The Naira also performed poorly against the Pound Sterling and the Euro at the same market segment yesterday.

Read also: Naira closes January strong across all official markets

Against the British currency, the Naira closed at N561.91/£1 in contrast to N557.99/£1 at the previous session.

Naira also fell to the Euro closing at N469.40/€1.
compared with the preceding day’s value of N464.25/€1.

At the black market Naira remained at N570.

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