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Naira Watch

Naira drops in value despite reduced forex transactions

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Naira closes strong against U.S dollar on Tuesday

On Thursday, the naira weakend further to the US dollar for the second day in a row, despite the drop in demand at the official market.

FMDQ reports that at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market Naira closed at N416.25 per dollar on Thursday, February 24.

This implies 0.06 per cent or 25 kobo depreciation to its American counterpart when compared to the N416.00 per dollar a day previous.

This decline happened amid a reduction in the value of transactions to $20.28 million or 22.9 per cent.

According to data, a total of $68.08 million exchanged hands compared to $88.36 million recorded at the midweek session.

Read also: Naira exchange rate to dollar unchanged across all markets

However there was good news at the interbank market, as CBN data showed that Naira appreciated against the British Pound Sterling by N6.58 to sell for N558/£1 compared with the previous closing rate of N564.58/£1.

The local currency also appreciated against the Euro at the same market segment during the session by N7.62 to settle at N465.02/€1 in contrast to N472.64/€1 it was exchanged a day earlier.

At the black market on Thursday, Naira fell by N1 as it closed at N574/$1 in contrast to N573/$1 it was exchanged at the last session.

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