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Naira Watch

Naira depreciates to N416.67 against dollar

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Nigerian currency depreciated further and is now exchanged for United States of American currency at N416.67 at the investors and exporters windows of the foreign exchange market.

According to data obtained from the FMDQ Securities Exchange, Friday’s rate was a 0.04 per cent or 17 kobo depreciation compared with N416.50/$1 it transacted at the previous session.

The data also revealed that on Friday the value of forex transactions stood at $115.26 million.

Read also: Naira falls to N578 at black market

Naira against the Pound Sterling however appreciated by N4.02 to trade at N553.14/£1 compared to the previously traded rate of N557.16/£1.

Naira also gained by N4.92 against the Euro to settle at N456.98/€1 in contrast to N461.92/€1 it was traded on Thursday.

Naira continues to sell at N574 at the black market.

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