Naira falls to US dollar at official, unofficial market

2 Min Read


Nigerian currency, the Naira depreciated against the US Dollar across the foreign exchange markets on Tuesday.

Data obtained from FMDQ securies showed that at the official I&E segment of the market, the domestic currency lost 17 Kobo or 0.04 per cent against the American currency on Tuesday to quote at N461.50/$1 compared with Monday’s exchange rate of N461.33/$1.

It was observed that the FX demand pressure was persistent during the session as data obtained showed that the value of forex transactions increased by 52.77 per cent or $57.00 million yesterday to $165.01 million from the $108.01 million achieved a day earlier.

READ ALSO:Naira falls again to US dollar, as report predicts N900/$

Similarly, at the peer-to-peer market, traders exchanged their local currency for the American currency at N760/$1 versus N755/$1 in the previous trading session, indicating a decline of N5.

In the black market, the Nigerian currency tumbled against the greenback yesterday by N1 to settle at N749/$1, in contrast to the preceding session’s N748/$1.

CBN data showed that at the interbank segment, the value of the Naira to the Pound Sterling and the Euro remained unchanged on Tuesday at N553.28/£1 and N489.27/€1, respectively.

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Your email address will not be published.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 *