Naira falls to US dollar at official, unofficial market

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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.

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