Pressure on Naira persists, drops to new low of N421.50/$1 at official market

Nigerian currency continues its poor performance, this time at the official market as it dropped to a new low of N421.50 to a dollar at the Investors and Exporters (I&E) segment of the market on Monday.

Monday performance indicates a depreciation of 0.6 per cent or N2.50 against the US Dollar when compared to Friday’s N419.00/$1.

According to data from the FMDQ Securities Exchange, FX traders could not execute many transactions yesterday as they could not meet the high demand for forex from their customers.

A total of $70.68 million transactions were carried out during the session compared with the $169.38 million executed last Friday, indicating a shortfall of 58.3 per cent or $98.7 million.

Read also: Weak Naira, rising food prices drag Nigeria’s inflation rate for April to 16.82%

However, against the Pound Sterling on Monday, Naira appreciated by N2.17 to trade at N509.50/£1 versus the preceding session’s N507.33/£1,

It was a different story against the Euro as Naira dropped N1.18 in value to close the day at N433.05/€1 compared to N431.87/€1 of the previous day.

At the black market rate, the exchange rate of Dollar to Naira fell to N615/$1 compared to N618 some traders in Lagos were selling on Monday morning.

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