Naira loses more value against US dollar

2 Min Read

The value of the Nigeria currency depreciated on Monday as there seemed to be no end to the current cash crises.

Data from FMDQ securities where naira is officially traded showed that the Nigerian currency closed trading at N461.50 to a dollar.

This is 25 Kobo or 0.05 percent drop in value for the Naira compared to N461.25 it exchanged on Monday.

This means that a businessman who paid N3 million to buy 6,504 dollars on Friday last week can only buy $6,500 on Monday.

READ ALSO:Naira loses against US dollar across fx markets, as demand soars

Similarly, at the unofficial market naira lost N11 against the US currency yesterday to trade at N770/$1 compared with the preceding session’s rate of N759/$1.

But in the Peer-2-Peer (P2P) segment, the Nigerian currency gained N1 against the US Dollar to sell at N768/$1 yesterday compared with the previous session’s N769/$1.

At the interbank window, the local currency was flat against the Pound Sterling and the Euro on the first trading session of the week at N550.11/£1 and N489.67/€1 apiece.

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