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Naira Watch

Naira value drops, rises in one day

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Naira falls by N2 as CBN promo fails to stop depreciation

Nigerian currency opened the week with a mixed performance to US dollar as it depreciated and appreciated at the official and parallel exchange markets.

Data from FMDQ securities exchange revealed that the Nigerian currency depreciated by 50 kobo or 0.12 percent against the Dollar to close at N416.50/$1 at the Investors and Exporters (I&E) window on Monday.

On Friday last week, the exchange rate of the local currency against the greenback was N416.00/$.

The weak performance of Naira occurred as demand for forex surged by 19.0 percent or $23.47 million.

FMDQ reports that participants at the Central bank of Nigeria special market for forex exchanged $146.87 million on Monday, compared to $123.40 million achieved on the final trading day of last week.

The Nigerian currency also suffered the same fate at the interbank segment of the market yesterday as its value depreciated by 21 kobo or 0.1 per cent against the American currency to trade at N415.00/$1 in contrast to the preceding session’s N414.79/$1.

However, against the British pound sterling, CBN data shows the Naira appreciated by N2.23 to trade at N567.06/£1 compared with N569.29/£1.

Also, against the Euro, Naira appreciated by N1.50 to sell for N473.72/€1 in contrast to N475.22/€1 it finished last Friday.

Read also: Naira fails to sustain gain, falls to N416/$1

Black market traders confirmed to Ripples Nigeria that Naira exchanged on Monday at N568 and N565 depending on location and quantity demanded.

This is N2 less when compared to the N570/$ and N574/$ it had traded for over a week.

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