The value of the Naira depreciated against the US Dollar at the Peer-to-Peer (P2P) and parallel market wings of the foreign exchange (forex) market on Friday, January 6 but closed flat at the Investors and Exporters (I&E) window of the FX market.
It was observed that rising demand for foreign currencies in the forex market contributed to the downfall of the local currency in the black market as it lost N2 at the close of transactions to quote at N724/$1, in contrast to the previous day’s value of N740/$1.
Also, in the P2P fx segment, the value of the domestic currency dropped N2 against the greenback on Friday to N770/$1 compared to Thursday’s exchange rate of N768/$1.
At the spot market, the exchange rate of the Nigerian currency remained unchanged against the American currency at N461.50/$1.
In the interbank segment of the market, the Naira also traded flat against the Pound Sterling and the Euro on Friday at N541.56 and N478.08, respectively.
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