Naira depreciates against US dollar as banks begin circulation of new notes

The Nigerian Naira weakened further against the US Dollar across the forex markets on Wednesday.

FMDQ reports that the Naira depreciated against the US currency by N4.2 or 0.94 per cent to trade at N450.58/$1 compared with the preceding session’s N446.38.

The Nigerian currency succumbed to FX demand pressure yesterday, as the day’s turnover increased by 96.7 percent, or $69.77 million, to $141.92 million, up from $72.15 million on Tuesday.

In the P2P window, the local currency lost N19 against the greenback to settle at N775/$1 in the midweek session compared with the previous day’s rate of N756/$1.

READ ALSO:Naira falls to US dollars at official, black markets

While at the parallel market, the domestic currency depreciated against the US Dollar yesterday by N1 to sell for N743/$1, in contrast to Tuesday’s value of N742/$1.

However, In the interbank segment of the market, the Naira closed flat against the Pound Sterling and the Euro at N548.17/£1 and N469.91/€1, respectively.

Meanwhile the new naira notes are expected be in circulation from today, December 15, 2022, and will circulate side-by-side with the old notes until January 31, 2023, when the latter would cease to be legal tender.

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