Naira drops in value again to U.S dollars

Nigeria’s currency on Monday lost 0.31 percent to the dollar at the official market.

According to data from FMDQ securities Nigerian currency exchanged at N411.67k /1$ on Monday compared to N410.38k/$1 it closed trading on Friday.

During trading yesterday, Market participants bid for dollars as high as N412.20 and low of N400 before settling at N411.67k.

This is despite increasing dollar availability, which should have relieved pressure on the Naira.

The foreign exchange daily market turnover on Monday rose by 44.30 percent to $168.19 million from $116.55 million recorded on Friday.

Read also: Naira gains at official market, now N411.22/$1

However, in the black market, the Naira stayed steady versus the US dollar, British pound, and Euro.

Data gleaned on abokiFX showed that naira closed at N506.00 per $1 at the black market window on Friday the same rate it closed on Friday.

Similarly, Pound Sterling remained at N708/£1 and also unchanged against the Euro at N596/€1 on Monday.

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