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Naira Watch

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.

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