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Naira Watch

Naira value continues to depreciate against US dollar at official, black markets

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

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.

Read also: Naira appreciates, as more Nigerians resort to black market

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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