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Naira Watch

Naira drops in value to US dollar at official market



Naira weakened slightly against the United States dollar at the Investors and Exporters segment on Monday.

The local unit depreciated by 67 Kobo or 0.15 per cent against the US currency to end the first session of the week at N462.17/$1, in contrast to the preceding session’s value of N461.50/$1.

According to data published on the FMDQ website, the naira dropped in value despite the value of FX transactions going down by $3.00 million or 2.51 percent to $122.43 million from N119.43 million.

It was the same outcome for the naira at the Peer-to-Peer (P2P) arm of the forex market.

READ ALSO:Naira appreciates against US dollar at official market, P2P

However, in the black market, the Naira maintained stability against the United States Dollar, remaining unchanged at N753/$1.

In the interbank segment, the Naira appreciated against the Pound Sterling by N12.92 to close at N555.40£1 compared with N568.32/£1.

In the same vein, Naira gained N12.92 N10.82 on the Euro to settle at N496.32/€1 compared with the previous trading session’s value of N507.14/€1.

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