Naira weakens against US dollar at official market

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The Naira experienced mixed performance in the foreign exchange (FX) market at the close of last week.

The currency appreciated by N2 against the US Dollar in the Peer-2-Peer (P2P) market, settling at N752/$1 on Friday, March 10, compared to N754/$1 in the previous session.

Similarly, the Naira gained N1 against the US Dollar in the parallel market, selling for N744/$1 versus the previous day’s exchange rate of N745/$1.

READ ALSO:Naira weakens at official market

However, in the Investors and Exporters (I&E) window, the official market Naira depreciated by 50 Kobo or 0.11% against the US Dollar, settling at N461.50/$1, compared to N461.00/$1 the previous day.

Despite the decline in forex transactions by 0.3% or $0.27 million to $82.56 million from the previous day’s value of $82.83 million, the Naira still weakened in this market segment.

In the interbank window, the Naira remained flat against the Pound Sterling and the Euro, settling at N548.01/£1 and N487.11/€1, respectively.

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