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Naira continues free fall against Dollar

Published

3 years ago

February 18, 2022

Olusegun Odunewu

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There’s no respite yet for the Nigerian currency as it continues its free fall at the official foreign exchange market.

Data from FMDQ securities showed that Nigerian currency depreciated further by 0.04 per cent or 17 kobo against the American Dollar at the Investors and Exporters (I&E) market on Friday.

It traded at N416.67/$1 compared with N416.50/$1 it closed on Wednesday.

Naira’s woeful performance comes despite a lower Forex transactions of $127.02 million compared with the $130.73 million posted at the preceding session.

It was a much better performance against the British Pounds as it remained intact at N564.68/£1 data from CBN shows.

Against the Euro at the same market segment yesterday the Nigerian currency traded flat at N477.12/€1.

Naira at the black market increased in value against the United States Dollar on Thursday exchanging at N575/$1.