Connect with us

Naira Watch

Naira continues fall against U.S dollar at official market



Naira continues free fall against U.S dollar

Nigerian currency continued its devaluation to the U.S dollar on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market.

Data obtained from FMDQ website showed Naira lost 3 kobo or 0.01 percent to close at N415.10/$1 as against the N415.07/$1 it was traded on Wednesday.

The two consecutive days of Naira loss signaled the return of increases demand from exporters and investors at the market window.

FMDQ data showed the value of transactions recorded on Thursday was $263.70 million, which was 78.9 per cent or $116.26 million higher than the $147.44 million the previous day.

Read also: Naira reverses losses to U.S dollar as foreign reserves hit 3-year high

Similarly, at the interbank segment of the market, Nigerian currency witnessed a downward movement against the U.S currency by 4 kobo to close at N411.06/$1 in contrast to the previous day’s N411.02/$1.

However, the Naira gained N2.96 against the British Pound Sterling at the same market window to close at N564.54/£1 compared with the previous rate of N567.50/£1.

Naira also gained against the Euro, at the Interbank forex market by 53 kobo to settle at N477.03/€1 compared to N477.56/€1 on Wednesday.

There was also a bit of good news at the black market as traders who spoke to Ripples Nigeria disclosed that dollar exchanged for N560.

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Your email address will not be published.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 *

2 × four =