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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