Naira begins new week on shaky ground

The Naira recorded mixed trading as it appreciated against the United States Dollar at the Peer-to-Peer (P2P) but closed weaker at the Investors and Exporters (I&E) as well as the parallel market segments of the foreign exchange (forex) market.

Data obtained showed that the Nigerian currency gained N3 against its American counterpart on Friday to close at N752/$1, in contrast to the N755/$1 it was quoted a day earlier.

However, at the official market according to FMDQ Securities Exchange, Naira depreciated by 73 Kobo or 0.16 percent against the greenback to trade at N461.90/$1 compared with the previous day’s N461.17/$1.

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Also the data showed that the value of FX transactions recorded at the official market went down by $16.77 million or 18.9 percent to $72.18 million from the $88.95 million recorded in the preceding session.

In the parallel market also known as the black market, Nigerian currency depreciated against the US Dollar on Friday by N3 to settle at N741/$1 versus Thursday’s exchange rate of N738/$1.

While at the interbank window of the FX market, the local currency was flat against the Pound Sterling and the Euro on Friday at N551.18/£1 and N487.75/€1 apiece.