Naira suffers another decline against major currencies as forex demand surges

Pressure from Christmas travelers saw Naira record a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market.

At the black market on Wednesday morning, traders said they exchanged Naira to dollar at N565.

Data from FMDQ securities showed Nigerian currency exchanged at N415.10/$1 at the last session before the holidays compared with N414.73/$1 it was traded at the preceding session.

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The market recorded a total transaction of $168.62 million as against the $107.92 million achieved on Thursday, showing a 56.2 per cent or $60.7 million increase at the close of business.

At the interbank segment of the market the local currency also depreciated against the American currency by 5 kobo or 0.1 percent closing at N411.95/$1 in contrast to the preceding day’s value of N411.9/$1.

But against the Pound Sterling, the domestic currency appreciated by 60 kobo to close at N552.75/£1 versus N553.35/£1 of the previous day, while against the Euro, it lost N2.64 to sell at N448.79/€1 in contrast to N446.15/€1 it finished on Thursday.