Naira falls across FX markets after Buhari’s broadcast

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The value of Nigerian currency dropped against the US Dollar across all foreign exchange markets on Thursday, as President Muhammadu Buhari insisted the N500 and N1,000 banknotes were no longer legal tender in Nigeria.

The forex markets include the Investors and Exporters (I&E) which is the official market that carters for import and export activities, while the black market, and the Peer-to-Peer (P2P) are the unofficial segments.

Data from FMDQ securities reveals that the value of the Naira depreciated by 50 Kobo or 0.11 percent to close at N462.00/$1 compared with the previous day’s N461.50/$1.

This came as daily turnover stood at $69.72 million, in contrast to the preceding session’s $89.54 million, representing a decline of 22.1 percent or $19.82 million.

READ ALSO:Naira falls as dollar demand jumps by $35.96m

Similarly, the Nigerian currency lost N2 against the Dollar to close at N770/$1 at the P2P window versus the N768/$1 that it sold in the previous session.

In the same vein, the domestic currency weakened against the greenback in the parallel market yesterday by N3 to settle at N760/$1 compared with Wednesday’s value of N757/$1.

In the interbank segment of the market, the Naira appreciated against the Pound Sterling by 15 Kobo to trade at N555.83/£1 versus N551.98/£1, and against the Euro, it gained 34 Kobo to sell at N493.68/€1 versus N494.02/€1.

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