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Naira Watch

Naira exchanges at N724 to a dollar

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The Nigerian currency, Naira, has dropped to a further low against the US dollar at the black and peer-to-peer (P2P) window of the foreign exchange market.

At the P2P market, mostly for online transactions, the Naira to dollar exchange rate closed at N724/$1 on Friday in contrast to the previous day’s rate of N721/$1, indicating a day-on-day decline of N3 or 0.42 per cent

While at the black market, the value of the Nigerian Naira depreciated against its United States counterpart by N3 or 0.43 per cent to settle at N705/$1 compared with the N702/$1 it was exchanged on Thursday.

Read also: Naira remains stable at official market, falls at black market

A similar scenario played out in the Investors and Exporters (I&E) window as the Naira depreciated against the greenback by 1 Kobo to sell at N430.33/$1 versus the earlier day’s N430.32/$1.

During the session, there was an increase in the demand for FX at the spot market by 76.1 per cent or $28.52 million to $66.02 million from $37.50 million.

In the interbank segment of the market, the domestic currency witnessed a further beating against the Pound Sterling as it dropped 99 Kobo to wrap up at N495.01/£1 in contrast to the previous day’s N494.02/£1.

Also, against the Euro, the Nigerian currency declined by N1.41 to trade at N429.98/€1 in contrast to N428.57/€1.

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