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Naira Watch

Naira value continues to depreciate across Forex markets



Naira closes strong against U.S dollar on Tuesday

Nigerian currency continued its depreciation across all forex markets no thanks to a low dollar supply at the official market.

According to data obtained from FMDQ Securities Exchange Naira’s value against the US dollar dropped on Friday by 0.15 per cent or 62 kobo to close at N419.50/$1 compared with the N418.88/$1 it was transacted the previous day.

During trading on Friday forex supply to the official market declined by $49.62 million or 31.5 per cent to $107.84 million compared with the $157.46 million executed a day earlier.

Read also: Naira value appreciates by 1.3% against US dollar as forex supply rises

Naira also depreciated in the Peer-to-Peer (P2P) segment of the foreign exchange market against the Dollar by 0.16 per cent or N1 to N617/$1 in contrast to the previous day’s N616/$1.

It was also a similar story against the Pound Sterling as it dropped by N1.01 to trade at N524.57/£1 compared to the previously traded rate of N523.56/£1.

Also against the Euro, the domestic currency fell by 19 kobo to close at 445.26/€1 in contrast to N445.07/€1.

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