Naira fails to sustain gain, falls to N416/$1

Nigerian currency fell at the Investors and Exporters (I&E) segment of the foreign exchange (forex) on Wednesday despite a significant decrease in dollar demand.

Data obtained from FMDQ securities showed that local currency weakened to the US dollars by 50 kobo or 0.12 per cent to close at N416.50/$1 compared with the preceding day’s N416/$1.

The drop in Naira value occurred despite a 26 per cent or $27.31 million decline in the demand for FX at the market window on Wednesday.

During the trading day, the value of transactions at the I&E stood at $77.61 million compared with the turnover of $104.92 million recorded on Tuesday.

At the interbank market window, Nigerian currency suffered a bad day also dropping in value by 17 kobo to sell for N414.61/$1 in contrast to N414.44/$1 of the previous day.

Read also: Naira falls at interbank market

Also against the British Pound Sterling, Naira dropped by N2.25 as it sold at N565.57/£1 versus Tuesday’s closing rate of N563.02/£1.

Against the Euro, the indigenous currency declined by N1.23 on Wednesday to trade at N471.25/€1 in contrast to N470.02/€1 it closed a day earlier.

At the black market, Naira remained at N573 to dollar according to traders at Ago Palace and Ikotun areas of Lagos State.

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