Naira falls again to US dollar

The Naira depreciated further against the dollar on Monday at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market.

Data from FMDQ securities showed Naira exchanged at N416.50/$1 compared with N416.33/$1 it was exchanged last Friday.

This indicated that the value of Naira declined by 0.04 percent or 17 kobo at the specialised window.

The marginal depreciation of Naira happened due to pressure on the market as the value of the transaction jumped to $57.39 million or 45.9 per cent to $125.1 million compared to $67.71 million traded in the preceding session.

Read also: More headaches for importers, as Naira value drops at all official markets

It was also a poor performance for the domestic currency at the interbank market as it depreciated against the American currency to N417.05 compared to N416.88/$1 on Friday.

However, the Nigerian currency traded flat against the Pound Sterling at the market on Monday, closing at N565.96/£1 and against the Euro, it was a similar situation as the exchange rate remained static at N478.41/€1.

But there was a change at the black market rate as Naira value dropped to N567/$1.

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