Naira depreciates, trades at N461.75 to a dollar at official market

The Nigerian currency continued its depreciation against the US dollar at the official market but improved at the black and peer-to-peer market

Data from FMDQ securities showed that the Nigerian Naira depreciated against the United States Dollar in the Investors and Exporters (I&E) window of the foreign exchange market on Friday by 50 Kobo or 0.11 percent to close at N461.75/$1.

The depreciation was caused by FX demand pressure on the Naira during the trading session.

Data showed the value of forex transactions in the official window increased to $97.67 million, in contrast to the $45.16 million recorded in the preceding trading day, indicating an increase of 116.3 percent or $52.51 million.

READ ALSO:Naira appreciates again against US dollar

However, at the Peer-to-Peer (P2P) arm of the FX market, the domestic currency appreciated against its American par by N2 to trade at N762/$1, in contrast to Thursday’s value of N764/$1.

Also, in the parallel market, the local currency appreciated against the greenback yesterday by N2 to sell at N750/$1 versus the previous day’s exchange rate of N752/$1.

In the interbank window, the Nigerian currency closed flat against the Pound Sterling and the Euro during the session at N567.45/£1 and N500.73/€1, respectively.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now