Naira begins new week on negative note, drops further against Dollar

Naira opened the week with a poor performance against the US dollar as it depreciated at both the official and unofficial markets.

Data from FMDQ securities showed that Naira depreciated against the US Dollar to close Monday trade at N416.67/$1 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Monday closing rate represents 67 kobo or 0.16 percent depreciation when compared to N416/$1 last Friday.

This happened as pressure demand for forex dropped significantly by 9.3 percent or $7.87 million to $76.78 million from the previous session’s turnover of $84.65 million.

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However, against the British Pound Sterling Naira gained by N4.17 to trade at N562.56/£1 versus the preceding session’s N566.73/£1.

CBN data also showed it gained N6.57 against the Euro to close the day at N470.85/€1 compared with N477.42/€1 of the previous day.

It however changed at the black market as Naira crashed by N2 against the United States Dollar on Monday to trade at N575/$1 in contrast to N573/$1 it was exchanged at the last session.

What this means is that for a Nigerian who had approached the black market on Monday to exchange $2000 he or she will get N1.15 million.