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Naira Watch

Naira depreciates to U.S dollar after 3 days of stable performance



The value of Nigeria currency dropped in Value on Tuesday after closing three previous sessions at a stable rate with the U.S dollar.

Data from FMDQ securities, the official foreign exchange market for Investors and Exporters shows the value of the Nigerian currency versus the greenback yesterday was N415.10/$1.

Tuesday rate implies that Naira depreciated by 3 kobo or 0.01 percent when compared to N415.07/$1 on Monday.

Also at the other official market, the interbank window, the value of Nigerian currency also suffered a 3 kobo or 0.01 percent loss.

READ ALSO: CBN unveils policy to save Naira from further devaluation

Data posted on the website of the Central Bank of Nigeria (CBN) showed Nigerian currency ended yesterday’s trading session at N411.02/$1 in contrast to N410.99/$1 it finished a day earlier.

However, against the Pound Sterling, the domestic currency gained N1.11 at the interbank to trade at N565.36/£1 versus N566.47/£1 of the preceding session.

Naira also appreciated against the Euro, by 79 kobo to close at N477.12/€1 compared with N477.91/€1 it traded on Monday.

For the unregulated market, traders told Ripples Nigeria that the dollar to Naira exchange rate stayed at N560 to N565 on Tuesday.

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