Naira crashes at forex market

The Naira suffered losses against the United States Dollar in the parallel market and the Peer-to-Peer (P2P) windows of the foreign exchange (forex) market on Wednesday.

In the black market, the exchange rate of the Naira to the Dollar in the midweek session was N757/$1 compared with the previous day’s N754/$1, indicating a decline of N3.

Also, in the P2P segment, the Nigerian Naira depreciated against the greenback yesterday by N3 to settle at N768/$1, in contrast to the preceding session’s rate of N765/$1.

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But at the Investors and Exporters (I&E) arm of the FX market, the domestic currency appreciated by 17 Kobo or 0.04 percent to trade at N461.50/$1 compared with the preceding day’s N461.67/$1.

This happened as there was an $89.54 million turnover, $20.69 million or 30.1 percent higher than the $68.85 million recorded a day earlier.

In the interbank segment, the Naira appreciated against the Pound Sterling by 15 Kobo on Wednesday to close at N555.98/£1 versus its previous rate of N556.13/£1. Against the Euro, it lost N1.84 to finish at N494.02/€1 compared with Tuesday’s exchange rate of N492.18/€1.

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