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Naira Watch

Naira records first loss of 2022 to US dollar

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After two days of trading positive, Nigerian currency has recorded its first loss to the US dollar at the official market.

Data from FMDQ securities where Naira is officially traded showed Naira depreciated to N416.25 on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (forex).

Thursday closing rate was 25 kobo or 0.06 per cent devaluation when compared to N416.00/$1 of Wednesday.

Naira loss happened as dollar supply to I&E window dropped by 1.1 percent or $1.3 million as trades valued at $113.65 million were carried out compared with $114.95 million executed on Wednesday.

Read also: Naira sustains gain at official market, as forex supply increases by 5.8%

Also, the local currency continued its depreciation against the American currency at the interbank segment of the market as it lost 17 kobo yesterday to trade at N413.96/$1 in contrast to N413.79/$1 of the preceding session.

But against the Pound Sterling, the Naira appreciated by 6 kobo to trade at N560.38/£1 compared to N560.44/£1 and against the Euro, the domestic currency gained 27 kobo to sell for N468.06/€1 compared to N468.33/€1 it was sold at the midweek session.

Black market traders kept the exchange rate at N570 and N573 to a dollar.

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