Naira reverses gain, falls to US dollar

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The Nigerian naira has reversed its recent gains against the US dollar, falling sharply in value on Thursday, according to the latest foreign exchange rates.

The naira had been on an upward trend for the past two days, gaining nearly 1% against the dollar.

However, it took a sudden turn at the investors and exporters’ window, losing 5 Kobo or 0.01 percent.

Data showed that the Nigerian Naira lost 5 Kobo or 0.01 percent against the greenback in the Investors and Exporters (I&E) window yesterday to settle at N461.40/$1 compared with the previous day’s value of N461.35/$1.

This occurred amid a marginal decline in the value of FX transactions recorded in the trading session.

READ ALSO:Naira gains 0.14% as forex reserves drop by $331.08m in one month

FMDQ Securities Exchange’s turnover of the day was $96.44 million compared with the $98.60 million recorded in the preceding session, representing a decline of 2.2 percent or $2.16 million.

In the parallel market, the Naira depreciated against the American currency by N1 to trade at N752/$1, in contrast to Wednesday’s exchange rate of N751/$1.

However, in the P2P segment, the local currency appreciated against the US currency by N2 to close at N764/$1, in contrast to the previous trading session’s N766/$1.

A look into the interbank window of the forex market revealed that the local currency closed stronger against the Pound Sterling during the session by N6.54 to settle at N551.23/£1 versus the midweek session’s value of N557.77/£1.

Against the Euro, it gained 32 Kobo to quote at N489.09/€1 compared with the previous session’s N489.41/€1.

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