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.

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