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Naira Watch

Naira continues to wobble at official market



Naira continues free fall against U.S dollar

The Nigerian currency continued its struggle at the official market despite a significant gain at the black market.

Data obtained from FMDQ Securities where Naira is officially traded showed on Friday that participants in the last trading session at the Investors and Exporters (I&E) segment of the foreign exchange market paid more to buy dollars compared to Thursday.

This was because Naira depreciated against the United States Dollar at the official spot market by 37 kobo or 0.09 percent to N415.10/$1 compared to N414.73/$1 reported on Thursday.

The decline suffered by the Naira followed an increase in forex turnover in the official market.

Read also: CBN celebrates 488,000 eNaira wallet downloads from 160 countries

FMDQ Securities data showed that the value of transactions at the I&E window was $90.70 million in contrast to the preceding day’s $82.01 million, indicating an increase of 10.6 percent or $8.69 million.

For the interbank rate, the Central Bank of Nigeria revealed that Nigerian currency value declined by 3 kobo versus the dollar, closing at N411.42/$1 compared to the previous day’s N411.39/$1.

However, the Naira closed flat against the Pound Sterling and the Euro at N551.22/£1 and N471.91/€1 respectively.

Nigerians who approached the black market were all smiles as Naira continues its recent resurgence.

Traders at Surulere who spoke to Ripples Nigeria said the price of the dollar has dropped further to N530.

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