Naira depreciates further amid FX pressure demand

The Naira continued its depreciation against the US dollar at the official market but improved at the black and peer-to-peer market.

The depreciation was caused by FX demand pressure on the Naira during the trading session.

Data from FMDQ securities showed that the Nigerian Naira depreciated against the United States Dollar in the Investors and Exporters window on Friday by 50 Kobo or 0.11 percent to close at N461.75/$1.

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Data showed the value of forex transactions in the official window increased to $97.67 million.  In contrast to the $45.16 million recorded in the preceding trading day, indicating an increase of 116.3 percent or $52.51 million.

However, at the Peer-to-Peer (P2P) arm of the FX market, the domestic currency appreciated against its American par by N2 to trade at N762/$1, in contrast to Thursday’s value of N764/$1.

Also, in the parallel market, the local currency appreciated against the greenback yesterday by N2 to sell at N750/$1 versus the previous day’s exchange rate of N752/$1.

In the interbank window, the Nigerian currency closed flat against the Pound Sterling and the Euro during the session at N567.45/£1 and N500.73/€1, respectively.