Naira Watch
Naira falls in value to all foreign currencies as dollar supply drops
On Thursday, the nation’s currency, the naira, depreciated against the dollar, Euro and Pound across Foreign Exchange markets (FX).
This happened as supply dropped at the Investors and Exporters (I&E) forex window, Nigeria’s official window.
According to data obtained from the FMDQ, Dollar supply through the daily foreign exchange market turnover declined by 47.20 percent to $64.80 million on Thursday from $95.39 million recorded on Wednesday.
The drop in dollar supply consequently increased pressure and reversed Naira’s gains on Tuesday.
Data shows that at I&E forex window on Thursday, Naira fell to the dollar and quoted N441.83, which was higher than N440.67 quoted on Wednesday.
Most currency dealers who participated at the FX auction on Wednesday maintained bids between N435.00 (low) and N442.00 (high) per dollar.
READ ALSO: Naira gains slightly exchanges at N440.67/$1 in official market
Similarly, at the black market, Naira fell to the dollar to close at N721.46 on Thursday compared to N716.82 the previous day.
It was the same fate for Naira against the British pound and Euro
Naira fell on Thursday to the pounds to N807.394 from N805.64 a day earlier.
While against the Euro, Nigerian currency dropped in value to N713.05 from N710.08.
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