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Naira Watch

Naira drops in value to dollar at official market



The naira on Monday recorded a poor performance against the U.S. dollar making it a second trading day depreciation.

Data posted by the FMDQ securities showed that naira closed at the investors and exporters window at N416.38 to a dollar.

This happened as participants at the market on Monday exchanged $136.90 million in a trading day that saw dollars go as high as N444 before settling for the closing price.

At the interbank market, data from the Central Bank of Nigeria showed naira exchanged at N415.64 to a dollar.

Read also: Naira makes marginal recovery to US dollar after one week trading

While against the Pound Sterling it traded at N560.69/£1 and against the Euro, it depreciated by N470/€1.

Black market traders kept the naira at N578 to a dollar.

However, black market currency dealers at Ago, Ikotun and Ikeja, said the naira exchanged hands at N572.00 per $1 on Monday.

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