Naira depreciates against Dollar at P2P, parallel markets

The Nigerian currency started the week at a new low dropping at the Peer-to-Peer (P2P) segment of the foreign exchange market on Monday, December 19 to N768/$.

This is a N12 loss in value when compared with N756/$1 it exchanged against the United States currency on Friday last week

At the black-market segment it depreciated against the US Dollar by N2 to settle at N744/$1, in contrast to last Friday’s value of N742/$1, amid a resurgence of mild FX scarcity in the system.

However, at the Investors and Exporters (I&E) window, the Nigerian currency remained constant versus its American counterpart on Monday at N451.50/$1, despite a large drop in the trading session’s foreign activity.

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According to data from FMDQ Securities Exchange, the value of FX transactions recorded at the spot market stood at $69.18 million versus the $355.12 million achieved in the previous session, indicating a plunge of 80.5 per cent or $285.94 million.

At the interbank segment, the Central Bank of Nigeria, the Naira appreciated against the British Pound Sterling by N5 to close at N544.46/£1 compared with the previous session’s rate of N549.46/£1, and against the Euro, the local currency depreciated by 99 Kobo to sell for N474.89/€1 versus last Friday’s N473.90/€1.