Naira reverses gain, depreciates against US dollar at unofficial markets

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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.

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