Naira falls to US dollars at official, black markets

The Nigerian currency, the Naira on Tuesday depreciated against the US dollar at the Investors and Exporters (I&E) window of the foreign currency market and the black market.

According to data obtained from FMDQ Securities Exchange, the Naira depreciated against the dollar in the I&E window or spot market by 38 Kobo, or 0.09 percent, to finish at N446.38/$1, up from the previous day’s value of N446.00/$1.

Naira’s poor performance occurred as the value of forex deals at the official exchange rate segment decreased by $5.93 million or 7.6% to $72.15 million from $78.08 million on Monday.

READ ALSO:Naira slides further against dollar by 0.09%

Also, at the parallel market, the domestic currency lost N2 against the United States currency yesterday to settle at N742/$1 compared with the preceding day’s N740/$1.

At the interbank window, it was a mixed bag as the local currency depreciated against the Pound Sterling by N1.18 to trade at N548.17/£1 compared with Monday’s N546.99/£1, but against the Euro, it appreciated by N7.79 to close at N469.91/€1 versus N477.70/€1 a day earlier.

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