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 Investors and Exporters (I&E) window of the foreign exchange market increased on Wednesday, September 21, by 25 Kobo or 0.06 per cent to trade at N436.50/$1 compared with the previous day’s N436.25/$1.
The Naira fell in value as transactions at the I&E window dropped by 5.3 per cent, or $7.54 million, to $133.97 million on Wednesday from $141.51 million recorded the previous day.
However, in the black market, the local currency appreciated against the greenback by N1 yesterday to sell at N712/$1 compared with the preceding session’s N713/$1.
Also, in the Peer-to-Peer (P2P) forex window, the value of the Nigerian currency appreciated against the US Dollar by N5 to quote at N725/$1 in contrast to the N730/$1 it was sold a day earlier.
Against the Pound Sterling, the Naira was strengthened by 72 Kobo to wrap up at N488.59/£1 versus Tuesday’s N489.31/£1 and against the Euro, the Nigerian currency improved by N2.83 to settle at N426.75/€1 versus N429.58/€1.
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