Naira depreciates against US dollar at official market

The Nigerian currency continued its struggles at the official market amid drop in dollar supply over the weekend.

Data from FMDQ securities showed that at the I&E window on Friday Naira depreciated against the US dollar to close Friday trade at N446.33/$1.

This represents a 0.3 per cent or N1.33 loss in value compared to the previous day’s exchange rate of N445/$1.

The Naira’s poor performance was as FX turnover reduced by $28.63 million or 19.6 per cent to $117.26 million, lower than the $145.89 million reported a day earlier.

READ ALSO:Again, Naira falls heavily against US dollar, as report ranks it 11th worst in the world

However, at the black market and Peer-to-Peer (P2P) window of the foreign exchange (FX), Naira recorded an improved rate.

Checks showed that Naira closed stronger against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market on the last trading session of last week by N1 to sell at N786/$1 compared with the previous day’s exchange rate of N787/$1.

Traders on the streets of Lagos, also known as the black market, sold the dollar at N775/$1 a N2 appreciation in contrast to the N777/$1 it closed on Thursday.

Meanwhile, in the interbank segment, the Nigerian Naira closed flat against the Pound Sterling and the Euro yesterday at N526.97/£1 or N455.56/€1, respectively.

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