Naira reverses gain, falls to US dollar
The Nigerian naira has reversed its recent gains against the US dollar, falling sharply in value on Thursday, according to the latest foreign exchange rates.
The naira had been on an upward trend for the past two days, gaining nearly 1% against the dollar.
However, it took a sudden turn at the investors and exporters’ window, losing 5 Kobo or 0.01 percent.
Data showed that the Nigerian Naira lost 5 Kobo or 0.01 percent against the greenback in the Investors and Exporters (I&E) window yesterday to settle at N461.40/$1 compared with the previous day’s value of N461.35/$1.
This occurred amid a marginal decline in the value of FX transactions recorded in the trading session.
READ ALSO:Naira gains 0.14% as forex reserves drop by $331.08m in one month
FMDQ Securities Exchange’s turnover of the day was $96.44 million compared with the $98.60 million recorded in the preceding session, representing a decline of 2.2 percent or $2.16 million.
In the parallel market, the Naira depreciated against the American currency by N1 to trade at N752/$1, in contrast to Wednesday’s exchange rate of N751/$1.
However, in the P2P segment, the local currency appreciated against the US currency by N2 to close at N764/$1, in contrast to the previous trading session’s N766/$1.
A look into the interbank window of the forex market revealed that the local currency closed stronger against the Pound Sterling during the session by N6.54 to settle at N551.23/£1 versus the midweek session’s value of N557.77/£1.
Against the Euro, it gained 32 Kobo to quote at N489.09/€1 compared with the previous session’s N489.41/€1.
Join the conversation
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.
SPECIAL REPORT: Untold story of how inconsistent salary payment frustrates Cross River road sweepers
In this report, ARINZE CHIJIOKE chronicles the pains of street sweepers in Cross River State, and how inconsistent salary payment...
INVESTIGATION: How insider abuse, shoddy handling of contracts by non-existent firms hamper teachers’ productivity in Kano
In efforts to improve productivity of teachers in public schools in Kano State, the state’s Ministry of Education, disbursed over...
A tale of Kwara public school where pupils learn under the tree without chalkboards
“You cannot make people learn. You can only provide the right conditions for learning to happen.” – Vince Gowmon But...
SPECIAL REPORT: Indiscriminate waste dumps, open defecation pose threat of epidemic in Kwara as govt slow to act
Forty three-year-old Bilikis Abdulrahman covered her pineapple fruit she is selling inside a white bucket container. This, she does to...
SPECIAL REPORT: Women displaced by conflict in North-Central Nigeria become farm helps to survive
Displaced women finding refuge in Abagena camp for Internally Displaced Persons (IDP) camp in Makurdi, Benue State have resorted to...