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Naira Watch

Naira weakens across all foreign exchange markets

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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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