Naira reverses gain, back to N500/$1 | Ripples Nigeria
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Naira reverses gain, back to N500/$1

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Naira continues free fall against U.S dollar

Nigeria’s currency, the naira reversed last week’s gains against the dollar, closing at N500/$1 on Monday at the parallel market.

According to abokiFX data, Monday’s black market rate represents a 0.40 percent drop from Friday’s rate of N498/$1.

Market watchers say the Naira’s fall on Monday was caused by increased importer pressure on the currency market.

However, the Naira traded flat against the Pound Sterling on the black market , at N710/£1, and gained N3 versus the Euro, selling for N592/€1, up from N595/€1.

Read also: Naira gains big against U.S dollars, British pounds, Euro

Similarly, Nigerian currency again fell at the Investors and Exporters (I&E) window, the official exchange market.

Data from the FMDQ Securities Exchange showed that Naira fell by 67 kobo, or 0.16 percent, to trade at N411.67/$1 compared to N411/$1 in the previous session.

This happened as currency turnover rose to $94.17 million, up from $74.81 million the previous trading day.

Despite an increase in dollar supply on Monday, the market struggled to meet importers’ demand.

At the end of trading yesterday the difference between the official and unofficial market now stands at N88.33.

By David Ibemere…

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