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Naira Watch

Naira weakens across all foreign exchange markets



The Naira weakened against the US Dollar across all the segments of the foreign exchange (forex) market on Monday.

This includes the parallel market, Peer-to-Peer (P2P), and Investors and Exporters (I&E).

Data from FMDQ securities where the naira is officially traded showed that its value declined by 17 Kobo or 0.04 percent against the dollar to settle at N461.67/$1 compared with the previous exchange rate of N461.50/$1.

The Nigerian currency suffered this decline amid a reduction in the value of FX transactions during the session by 5.95 percent or $4.92 million to $77.64 million from $82.56 million.

READ ALSO:Naira falls to US dollar at official, unofficial market

At the P2P segment, traders exchanged their local currency for the American currency at an average rate of N754/$1 yesterday versus N752/$1 of the preceding session, indicating a decline of N2.

It was a similar situation at the black market, where the local currency lost N2 against the US currency to settle at N746/$1, in contrast to last Friday’s value of N744/$1.

In the interbank segment of the market, the Naira witnessed a southward movement against the Pound Sterling by N9.48 to N557.49/£1 from N548.01/£1, and against the Euro, it lost N5.48 to close at N492.59/£1 versus N487.11/£1.

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