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

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The value of Nigeria’s currency, naira depreciated against the US dollar following the judgment of the Supreme Court extending the use of old naira notes until the end of the year.

Data obtained from FMDQ securities shows that at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday Naira closed against the Dollar at N461.75.

The official market rate on Friday was a loss of 35 Kobo or 0.08% drop in value compared to Thursday’s exchange rate of N461.40/$1.

Daily forex turnover in the spot market decreased by 29.9% or $28.87 million to $67.57 million from the $96.44 million recorded in the previous trading day.

In the P2P window and parallel market, the Naira remained unchanged against the Dollar.

READ ALSO:Naira falls across FX markets after Buhari’s broadcast

At the interbank segment, the Naira lost against the Euro by 18 Kobo and declined against the Pound Sterling by N2.01.

Meanwhile, Nigerians continue to wait for the Central Bank of Nigeria’s (CBN) decision on the Supreme Court judgment.

The CBN‘s next move is expected to be obedience to the Supreme Court ruling, which will go a long way in determining forex market activities.

Many Nigerians with old naira notes stockpiled in their homes will be looking to exchange them for dollars to guard against a rush at the end of the year.

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