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Naira Watch

Naira falls against dollar, Euro, Pound at official market ahead of APC’s primary

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Naira closes Monday trade strong against UK pound, Euro

Nigerian currency, Naira recorded a poor performance against all foreign currencies on Monday ahead of the commencement of the presidential primary of the ruling All Progressives Congress (APC) in Abuja today.

Data from FMDQ securities where Naira is officially traded showed that at the investors and exporters market, Naira value dropped to N420.25 to a dollar on Monday, June 6.

This indicated a 0.12 per cent or 50 kobo drop in value when compared with the previous session’s N419.75/$1.

Read also: Naira starts week N419.75 at official market, N608/$1 on black market

The poor performance of Naira came as there was a $136.61 million or 73.5 per cent drop in forex turnover to $49.24 million from $185.85 million recorded on Friday.

Similarly at the interbank segment, CBN data showed Nigerian currency value dropped further against the Pound Sterling and the Euro.

Naira value fell to the British pounds by 59 kobo to trade at N522.53/£1 compared to the previously traded rate of N521.94/£1 and against the Euro, the Nigerian currency depreciated by 55 kobo to sell at N445.97/€1 in contrast to last Friday’s value of N445.42/€1.

At the Peer-to-Peer (P2P), the Naira exchanged against the dollars at N615/$1.

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