Naira drops in value as forex demand surges by 50%

Pressure from Christmas travellers saw Naira record a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market.

Data from FMDQ securities showed Nigerian currency exchanged at N415.10/$1 at the last session before the holidays compared with N414.73/$1 it was traded at the preceding session.

The market recorded a total transaction of $168.62 million as against the $107.92 million achieved on Thursday, showing a 56.2 per cent or $60.7 million increase at the close of business.

Read also: Naira gains at official market as demand for dollar eases further

At the interbank segment of the market the local currency also depreciated against the American currency by 5 kobo or 0.1 percent closing at N411.95/$1 in contrast to the preceding day’s value of N411.9/$1.

But against the Pound Sterling, the domestic currency appreciated by 60 kobo to close at N552.75/£1 versus N553.35/£1 of the previous day, while against the Euro, it lost N2.64 to sell at N448.79/€1 in contrast to N446.15/€1 it finished on Thursday.

At the black market on Wednesday morning, traders who spoke to Ripples Nigeria said they exchanged Naira to dollar at N565.

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