Naira reverses gain, depreciates against US dollar at unofficial markets

Admin
2 Min Read


On Wednesday, the Naira experienced a depreciation against the US dollar at the unofficial market but closed stronger at the Investors and Exporters (I&E) window.

At the Peer-2-Peer (P2P) , the value of the local currency fell against the greenback by N2 to sell at N755/$1 compared with N753/$1 of the previous session.

While in the parallel market another unofficial market, the domestic currency depreciated against the American currency yesterday by N2 to close at N747/$1, in contrast to Tuesday’s closing price of N745/$1.

READ ALSO:Nigeria loses N20tn to CBN’s naira policy

However, at the official market, FMDQ securities reports that the local currency appreciated against the Dollar by 33 Kobo or 0.07 per cent in the midweek session to settle at N461.09/$1 compared with Tuesday’s exchange rate of N461.42/$1.

Daily turnover rose to $142.25 million from the $113.44 million achieved in the previous trading session, indicating an increase in the FX trades by 25.40 per cent or $28.81 million.

For the interbank segment, the Naira was flat against the British Pound Sterling and the Euro during the trading session at N561.67/£1 and N494.65/€1, respectively.

Join the conversation

Opinions

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



Share this Article
Leave a comment

Leave a Reply

Your email address will not be published.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