Naira reverses gain, weakens at official market against US dollar

The naira weakened against the United States dollar on Wednesday, reversing part of the gain it had recorded the previous day.

FMDQ securities reports that the Naira at the Investors and Exporters (I&E) window of the foreign exchange market depreciated against its United States counterpart by 40 Kobo or 0.09 percent to settle at N461.90/$1 compared with the previous day’s rate of N461.50/$1.

This happened as the value of forex transacted among participants jumped by 28.6 per cent or $33.63 million to $151.26 million from the $117.63 million reported a day earlier.

READ ALSO:Naira stable across market as cash withdrawal policy takes off

At the parallel market, the local currency weakened against the greenback yesterday by N1 to close at N742/$1 compared with Tuesday’s exchange rate of N741/$1.

At the Peer-2-Peer (P2P) arm of the foreign exchange (FX) market, it dropped by N1 to close at N759/$1, in contrast to the N760/$1 it was traded on Tuesday.

In the interbank segment, the domestic currency closed flat against the Pound Sterling and the Euro at the midweek session at N549.03/£1 and N485.15/€1, respectively.

Join the conversation

Opinions

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.

Donate Now