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Naira Watch

Naira’s free-fall continues as demand for forex jumps



The Naira depreciated again against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Thursday.

According to data gathered from FMDQ Securities Exchange, the Naira was sold at N415.05/$1 at the market segment yesterday in contrast to N414.25/$1 it was sold on Wednesday.

This indicated that the Nigerian currency depreciated against the greenback on Thursday by 80 kobo or 0.19 per cent and this was mainly because of the increased demand for forex as more countries open their borders to Nigerians.

Data shows $331.11 million worth of transactions were exchanged compared with the $177.60 million a day earlier.

This means that the turnover during the session increased by 86.4 per cent or $153.51 million.

Also, at the interbank segment of the forex market, the Nigerian Naira recorded losses against the US Dollar, the Pound Sterling, and the Euro on Thursday.

Read also: Naira unable to sustain gain, falls by 0.18% against US dollar

Against the US Dollar, the domestic currency lost 8 kobo as it traded at N411.91/$1 in contrast to N411.83/$1 it traded at the last trading session and against the Pound Sterling, it depreciated by N4.63 to trade at N550.68/£1 compared to the previous day’s N546.05/£1.

Naira also depreciated against the Euro by N2.77 to close at N467.11/€1 in contrast to N464.34/€1 at the interbank market.

Black market traders also reacted to a ban lifting, to push Naira to dollar above N572 depending on the quantity demanded.

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