Naira depreciates against US dollar as traders exchange $201m

Nigerian currency continues its struggle with the US dollar amid increasing demand from importers and travellers.

Data from FMDQ securities where Naira is official traded showed at the Investors and Exporters (I&E) segment of the forex market yesterday, naira dropped in value by 0.04 per cent or 17 kobo to trade at N416.50/$1 compared with the preceding session’s value of N416.33/$1.

This happened despite an improved forex supply as over $202.06 million exchanged hands on the first trading day of the week.

Read also: Naira value wobbles against foreign currencies

However, against the British pounds, Naira had a good performance as it appreciated by N3.38 to trade at N545.91/£1 compared to the previously traded rate of N549.29/£1.

Also, against the Euro, the Nigerian currency gained by N1.98 to sell for N456.54/€1 in contrast to last Friday’s exchange rate of N458.52/€1.

Meanwhile, at the black market, Nigeria’s currency continued to trade above N584 at N589 to a dollar.

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