Naira value falls heavily against US dollar at Official FX market

The Nigerian currency, Naira, depreciated heavily at the Investors and Exporters (I&E) window of the foreign exchange market as its value slid by 1.34 percent or N5.71 against the American Dollar on Friday, July 15.

During the final session of the three-day trading week, the domestic currency closed at N430.33/$1 versus the N424.62/$1 it was sold in the previous session at the official FX market.

This happened despite not coming under demand pressure as the value of transactions plunged by 28.2 percent or $24.76 million to $63.19 million from the preceding session’s $87.95 million.

READ ALSO: Naira falls to N620/$1 at peer-to-peer market

In the Peer-to-Peer (P2P) window of the FX market, the domestic currency went down by 0.16 percent or N1 against the United States Dollar as it sold for N624/$1 compared with the previous day’s N623/$1.

However, in the interbank segment of the market, the Naira appreciated against the British currency – the Pound Sterling, by N1 to wrap up at N490.09/£1 in contrast to Thursday’s N492.09/£1 and against the Euro, the local currency declined by 25 Kobo to trade at N415.9/€1 compared with the preceding day’s N416.15/€1.