Naira depreciates across FX markets as scarcity bites

The value of Nigerian currency depreciated heavily against the US dollar across all foreign exchange markets on Tuesday.

In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, the Naira depreciated against the greenback by 67 Kobo or 0.15 per cent to trade at N461.67/$1 compared with the previous day’s N461.00/$1.

The value of the Naira slumped despite the FX trades declining by 67.04 per cent or $140.06 million to $68.85 million from the preceding day’s $208.91 million, according to data from FMDQ Securities Exchange.

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Also, at the Peer-2-Peer (P2P) window, the local currency lost N1 against the US Dollar to sell for N765/$1 versus the previous session’s N764/$1.

Similarly, in the parallel market, the domestic currency depreciated against its American counterpart by N1 to settle at N754/$1, in contrast to the N753/$1 it was exchanged a day earlier.

However, in the interbank segment, the Naira gained N2.26 against the Pound Sterling to close at N556.13/£1 compared with Monday’s rate of N558.39/£1, and on the Euro, it appreciated by N1.16 to N492.18/€1 from N493.34/€1