Naira value drops massively against US dollar

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On Monday, the Nigerian Naira experienced a decrease in value against the US Dollar in the black market and in the Peer-2-Peer (P2P) and Investors and Exporters (I&E) windows of the foreign exchange market.

The poor performance of the naira was worst at the peer-peer market as it lost N12 value to trade at N768/41, in contrast to last Friday’s value of N756/$1.

Also, in the parallel market, the domestic currency shrank by N2 against the United States Dollar to quote at N745/$1 compared with the previous session’s exchange rate of N743/$1.

READ ALSO:Naira value falls, as banks, markets await CBN after Supreme Court judgment

Similarly, in the official market, the FMDQ data shows that the Naira at the Investors and Exporters window declined by 17 Kobo or 0.05 percent against the US dollar to trade at N461.50/$1 compared with last Friday’s rate of N461.33/$1.

The poor performance of the Naira happened as forex supply to the official market dropped by 57.8 percent or $139.61 million to $101.77 million from the $241.38 million recorded in the preceding session.

However, the local currency closed stronger against the Pound Sterling in the interbank segment on Monday by N3.41 to close at N562.67/£1 versus last Friday’s N566.08/£1, and against the Euro, it appreciated by N3.27 to N494.45/€1 from N497.72/€1.

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