Naira weakens at official market

The Nigerian currency, Naira fell against the U.S dollar on the official market yesterday despite decrease in market activity.

Data posted on the FMDQ Security Exchange on Thursday where forex is officially traded showed Naira closed at N411.67 per $1.

Yesterday’s closing exchange rate implies a N0.17 or 0.04 percent devaluation from N411.50 the rate it traded in the previous session on Wednesday.

Read also: Naira stable against dollar, but weakens to British pounds, Euro

Market activity saw Forex turnover decreased by 43.21 per cent with $109.47 million posted as against the $192.75 million recorded in the previous day.

Meanwhile, according to data posted on abokiFX, the black market currency rate remained at N500.00 per U.S dollar.

Naira also remained at N710 for the British pounds and N595 to the Euro it exchanged the previous day.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now