One step forward, three steps backward for Naira against U.S dollar at official market

Just when it looked like the Nigerian currency was reclaiming some momentum against the US dollar, on Wednesday, it reversed direction for another bad day.

Data from FMDQ securities shows that at the Investors and Exporters (I&E) window of the foreign exchange (forex) market Naira weakened against the U.S Dollar to N414.73.

Wednesday’s closing exchange rate represents a 23 kobo or 0.06 percent loss when compared to the N414.50/$1 Naira traded on Tuesday.

Read also: Naira closes strong against U.S dollar on Tuesday

FMDQ also revealed that transactions worth $467.56 million were carried out at the window, which is, 226.2 percent or $339.88 million higher than the $127.68 million recorded the day before on Tuesday.

The same was true in the interbank market, where the Nigerian currency took another battering from the US dollar.

Data posted by the Central Bank of Nigeria showed Naira fell by 3 kobo or 0.01 percent to close at N410.80/$1 compared to N410.77/$1 it transacted at the preceding trading day.

Meanwhile, traders interviewed by Ripples Nigeria at the parallel market in Ikotun and Ikeja on Wednesday claimed that they swapped the dollar for between N578 and 580 depending on the quantity.

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