Connect with us

Naira Watch

Naira bows to U.S dollar as traders execute $62.58m transaction



Just when it seemed the Nigerian Naira was finding its feet, it weakened against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday.

Data obtained from FMDQ securities showes the value of the Nigerian currency depreciated on Tuesday just 24 hours after recording a slight gain to close at N415.07/$1

Tuesday closing rate implies Naira traded 9 kobo or 0.02 percent less in value when compared to the N414.98/$1 on Monday.

This happenex as the total value of transactions droped by 61.0 percent to $62.58 million in contrast to the $160.64 million executed at the previous session.

Read also: Naira records gain against U.S dollar, as forex transaction jumps by 71%

While the interbank segment of the forex market indicated that the naira also witnessed the same outcome as its value depreciated against the American currency by 4 kobo or 0.01 percent as it traded at N411.21/$1 versus N411.17/$1 it was sold on Monday.

However, the Naira appreciated against the British Pound Sterling at the interbank window on Tuesday by N4.99 to trade at N561.63/£1 in contrast to the previous day’s N566.62/£1 and also appreciated against the Euro by N2.79 to trade at N475.89/€1 compared with N478.68/€1 it was traded on Monday.

The black market rate remained unchanged from yesterday at N568.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

five × two =