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Naira Watch

Naira loses value again

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Naira closes strong against U.S dollar on Tuesday

On Thursday, the Naira fell 30 kobo, or 0.06 percent, versus the US dollar in the Investors and Exporters (I&E) section of the foreign currency (FX) market.

The Nigerian naira was traded in the investors’ window yesterday at N415.10/$1, up from N414.80/$1 the previous day.

The Nigerian currency performed poorly despite a decrease in trading session volume, with deals totaling $129.54 million completed at the market segment.

The value of transactions at the midweek session was $133.37 million, suggesting that the session’s turnover was down by 2.9 percent, or $3.83 million.

Read also: CBN spent N58.6bn to print 2.5bn Naira notes in 2020 – Report

On Thursday, however, the Nigerian currency’s downward trend versus the US dollar came to an end at the interbank market.

This was due to the fact that the country’s legal tender closed flat at N411.24/$1 at the conclusion of the day.

However, when compared to the Pound Sterling, the native currency lost 8 kobo at the market window, trading at N561.71/£1, down from N561.63/£1.

It depreciated by 70 kobo versus the Euro, selling for N476.59/€1 as opposed to N475.89/€1 the day before.

At the black market, Naira to the dollar exchange rate rose to N570/$ at the Okota part of Lagos State.

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