Naira value drops at official exchange market

On Monday the value of the Nigerian Naira dropped marginally against the U.S dollar at the Investors’ & Exporters’ foreign exchange market as demand pressure for dollar continues.

According to data posted on the FMDQ Security Exchange window where forex is officially traded, the Nigerian currency closed at N410.67 a N0.34 or 0.08 percent depreciation from N410.33, the rate it opened the week.

High and low exchange rates of the naira at the I & E Window on Monday were N410.10 and a low of N422.00 before closing at N410.67 per dollar.

Read also: Naira starts week in strong position, unlikely to be sustained

This occurred as dollar supply in the market reduced significantly by 77.74 percent, to $32.61 million as against the $146.52 million posted in the previous session on Friday last week.

At the black market, however, the naira remained unchanged against the U.S. dollar.

Monday, data posted on abokiFX.com, showed naira closed at N483 the same rate it opened the week from Friday’s trading.

After Monday’s trading, the difference between the official and unofficial market was N72.33.

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