Naira depreciates across fx markets

2 Min Read


The value of Nigerian currency depreciated heavily against the US dollar across all foreign exchange markets on Tuesday.

In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, the Naira depreciated against the greenback by 67 Kobo or 0.15 per cent to trade at N461.67/$1 compared with the previous day’s N461.00/$1.

The value of the Naira slumped despite the FX trades declining by 67.04 per cent or $140.06 million to $68.85 million from the preceding day’s $208.91 million, according to data from FMDQ Securities Exchange.

READ ALSO:Naira depreciates, trades at N461.75 to a dollar at official market

Also, at the Peer-2-Peer (P2P) window, the local currency lost N1 against the US Dollar to sell for N765/$1 versus the previous session’s N764/$1.

Similarly, in the parallel market, the domestic currency depreciated against its American counterpart by N1 to settle at N754/$1, in contrast to the N753/$1 it was exchanged a day earlier.

However, in the interbank segment, the Naira gained N2.26 against the Pound Sterling to close at N556.13/£1 compared with Monday’s rate of N558.39/£1, and on the Euro, it appreciated by N1.16 to N492.18/€1 from N493.34/€1.

Join the conversation


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


Leave a comment

Leave a Reply

Your email address will not be published.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