Naira Watch
Naira hits new low at official market
The Naira not only extended its loss against the US dollar again on Thursday, this time it was at a new low at the official Market.
FMDQ securities data shows that Nigerian currency came under pressure at the Investors and Exporters (I&E) segment of the foreign exchange market hitting a new low against the United States Dollar at the close of business.
Data showed that the Nigerian Naira depreciated against the Dollar at the official market yesterday by 0.07 per cent or 34 Kobo to quote at N461.67/$1 compared with the previous day’s value of N461.33/$1.
This happened amid a drop in forex turnover for the trading session. The value of FX trades during the session was $142.19 million, 27.5 per cent or $53.87 million lower than the $196.06 million reported a day earlier.
READ ALSO:Naira continues poor run against dollar
However, in the peer-to-peer (P2P) window of the market, the value of the Nigerian currency appreciated against the American currency by N13 to close at N765/$1, in contrast to the previous day’s N778/$1.
In the black market, the local currency maintained stability against the United States currency on Thursday, closing flat at N742/$1.
In the interbank window, the Naira gained N1.60 against the Pound Sterling to sell at N539.64/£1 compared with Wednesday’s rate of N541.24/£1, but against the Euro, it lost 13 Kobo to settle at N477.27/€1 versus the midweek session’s N477.16/€1.
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