Naira value stable against US dollar as forex demands drop by 72%

The value of Nigerian currency closed flat against the US dollar at the investor’s and exporters’ window of the official market on Tuesday.

FMDQ securities reports that the Nigerian Naira closed at N461.50/$1 the same rate it closed on Monday.

Transactions worth $55.52 million were executed during the session, 72.0 percent or $143.08 million lower than the $198.60 million worth of transactions carried out a day earlier.

The exchange rate of the Naira to the Dollar was flat in the official market, which is the Investors and Exporters (I&E) window but appreciated in the Peer-to-Peer (P2P) segment and depreciated in the parallel market arm of the foreign exchange (FX) market.

READ ALSO:Naira starts the week at N461.50 official rate

In the Peer-to-Peer (P2P) segment the domestic currency appreciated by N1 against dollars yesterday by N1 to trade at N756/$1 compared with the previous day’s N757/$1.

On the streets, which is the black market, it lost N2 against the Dollar to close at N745/$1, in contrast to Monday’s rate of N743/$1.

Also, in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro on Tuesday at N554.07/£1 and N491.72/€1, respectively.

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