Naira continues depreciation at official market

Nigerian currency for the second consecutive day has depreciated in value at the official foreign exchange market.

Data obtained from FMDQ showed the Nigerian currency exchanged at N415.07/$1 on Tuesday at the Investors and Exporters (I&E) window of the foreign exchange (forex) market.

This represents a 7 kobo loss or 0.02 percent drop in value when compared with N415/$1 it exchanged on Monday.

Naira drop in value happened as forex supply in the market went down by 34.0 percent or $76.93 million.

FMDQ data showed FX worth $149.01 million was transacted during the session as against the $225.94 million achieved on Monday.

But at the interbank segment of the forex market, the local currency again traded flat against its American counterpart as it maintained its previous exchange rate of N411.74/$1.

However, it was a different outcome against the British Pound Sterling as the domestic currency appreciated by 54 kobo to sell for N545.72/£1 compared to the previous rate of N546.26/£1 and against the Euro, the Naira gained N2.14 to settle at N463.54/€1 in contrast to N465.68/€1 it closed a day earlier.

For the black market, traders interviewed said the exchange rate to dollar remained at N572 to N574.