Naira depreciates again against US Dollar at official market

The Nigerian currency experienced a depreciation against the US dollar at the Investors and Exporters (I&E) segment of the official foreign exchange (forex) market on Monday.

Data from FMDQ securities the platform used for tracking the performance of the local currency in the official forex window showed that the Nigerian currency depreciated by N2.12 or 0.46 percent to settle at N463.50/$1 compared with last Friday’s exchange rate of N461.38/$1.

This happened amid a 6.9 percent or $12.97 million shortfall in the forex turnover recorded in the spot market to $175.40 million from the $188.37 million recorded in the preceding session.

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However, in the Peer-2-Peer (P2P) arm, the domestic currency appreciated against its American pair by N16 to close at N750/$1 versus the previous trading day’s N766/$1.

Also, in the black market wing of the FX market, the Nigerian Naira gained N10 against the US Dollar yesterday to quote at N739/$1 compared with last Friday’s value of N749/$1.

But in the interbank window, the local currency lost 39 Kobo against the Pound Sterling during the session to settle at N570.74/£1, in contrast to the previous N570.35/£, and against the Euro, it depreciated by 6 Kobo to end the day at N501.17/€1 versus N501.11/€1.