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Naira Watch

Naira falls to N416.33/$1 at official market



Naira performed poorly to the US dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) amid forex demand.

FMDQ reports that the specialized market recorded an 8.3 per cent or $9.42 million rise in the demand for FX at the market window to push the total transaction recorded to $113.71 million as against the previous session’s turnover of $123.13 million.

This demand saw Naira fall by 8 kobo or 0.02 per cent to N416.33/$1 compared with the N416.25/$1 it was exchanged at the previous session.

The total transaction recorded during Thursday trade was $113.71 million as against the previous session’s turnover of $123.13 million.

In the same vein, at the interbank market, Data from Central Bank of Nigeria showed the Naira depreciated against the Dollar by 34 kobo to sell at N416.16/$1 compared to N415.82/$1 it was traded at the midweek session.

Read also: Naira value rises by 0.02% against US dollar

But the domestic currency performed better against the Pound Sterling and the Euro at the same market segment yesterday.

Against the British currency, the Naira gained N1.58 to sell for N557.28/£1 in contrast to Wednesday’s rate of N558.86/£1 and appreciated by N4.19.

Naira gained against the Euro to close at N464.52/€1 compared with the preceding day’s value of N468.71/€1.

At the black market Naira to dollar now exchanged at N570.

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