Naira free fall against US dollar continues at official markets

There’s no respite yet for the Nigerian currency as it continues its free fall at the official foreign exchange market.

Data from FMDQ securities showed that Nigerian currency depreciated further by 0.04 per cent or 17 kobo against the American Dollar at the Investors and Exporters (I&E) market on Thursday.

It traded at N416.67/$1 compared with N416.50/$1 it closed on Wednesday.

Naira’s woeful performance comes despite a lower Forex transactions of $127.02 million compared with the $130.73 million posted at the preceding session.

Read also: Naira appreciates at official market, falls to N577/$1 at black market

It was a much better performance against the British Pounds as it remained intact at N564.68/£1 data from CBN shows.

Against the Euro at the same market segment yesterday the Nigerian currency traded flat at N477.12/€1.

Naira at the black market increased in value against the United States Dollar on Thursday exchanging at N575/$1.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now