Naira tumbles against Dollar at official, black markets

Nigerian currency, the Naira depreciated against the US Dollar across the foreign exchange markets on Tuesday.

Data obtained from FMDQ securies showed that at the official I&E segment of the market, the domestic currency lost 17 Kobo or 0.04 per cent against the American currency on Tuesday to quote at N461.50/$1 compared with Monday’s exchange rate of N461.33/$1.

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It was observed that the FX demand pressure was persistent during the session as data obtained showed that the value of forex transactions increased by 52.77 per cent or $57.00 million yesterday to $165.01 million from the $108.01 million achieved a day earlier.

Similarly, at the peer-to-peer market, traders exchanged their local currency for the American currency at N760/$1 versus N755/$1 in the previous trading session, indicating a decline of N5

In the black market, the Nigerian currency tumbled against the greenback yesterday by N1 to settle at N749/$1, in contrast to the preceding session’s N748/$1.

CBN data showed that at the interbank segment, the value of the Naira to the Pound Sterling and the Euro remained unchanged on Tuesday at N553.28/£1 and N489.27/€1, respectively.