The Naira continued its depreciation against the US dollar at both the official and unofficial markets.
Data from the FMDQ securities showed that at the Investors and Exporters (I&E) window, the Nigerian currency depreciated by 0.26 per cent or N1.08 on Thursday as it traded at N420.33/$1 compared to Wednesday’s closing value of N419.25/$1.
FMDQ also revealed that participants at the market executed $75.56 million worth which is 62.47 per cent or $125.78 million lower than the $201.34 million achieved the previous day.
However, at the interbank segment of the FX market, the domestic currency closed stronger against the Pound Sterling by 38 kobo to trade at N516.49/£1 versus N516.87/£1 and against the Euro, it gained 37 kobo to sell at N437.48/€1 versus the preceding session’s N437.11/€1.
At the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market Naira also dropped in value by 0.34 per cent or N2 to trade at N615/$.
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