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Naira Watch

Naira falls at interbank market



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The Naira put up a poor performance at the Interbank segments of the foreign exchange market on Monday, December 10, 2021, as it depreciated against the US Dollar.

Data obtained from the Central Bank of Nigeria (CBN) showed the Naira on Monday fell at the official interbank market to N414.26 to a dollar from N414.14 it closed last week.

This indicated that the value of the local currency was weakened against the American currency at the market window by 5 Kobo or 0.02 percent during yesterday’s trading session.

Also, the domestic currency declined against the Pound Sterling yesterday by 0.21% to sell at N562.31 compared to N561.12/$1 on the preceding day.

Read also: Naira trades at N416/$1 after 0.06% rise

While against the Euro, the Nigerian currency, however, appreciated by 0.21% to sell at N469.02/€1 in contrast to N468.31/€1 of the preceding session.

At the Black Market, the naira was sold at N574 against the dollar.

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