Connect with us

Naira Watch

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

Published

on

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.

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

17 + 4 =

Investigations