Naira exchange rate hits N614/$1 at Parallel Market

The Naira appreciated against the United States Dollar by 0.52 per cent N2.25 in the Investors and Exporters (I&E) segment of the foreign exchange market on Wednesday.

Naira was sold in the official market yesterday at N427.75/$1 compared with the preceding session’s N430.00/$1, with the value of transactions at $81.64 million.

However, the value of the Naira to the Dollar depreciated by N2 or 0.32 per cent at the Peer-to-Peer (P2P) market segment as it closed at N620/$1 compared to Tuesday’s rate of N618/$1.

Read also:Naira records biggest fall against US dollar in 2022

In the parallel market, the exchange rate of the Nigerian currency to its American counterpart further depreciated as it lost N3 or 0.49 per cent to settle at N614/$1 in contrast to the previous day’s N611/$1.

At the interbank segment of the market, the Naira was flat against the Pound Sterling at N498.83/£1 and also remained unchanged against the Euro at N427.93/€1.

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