Naira drops against Dollar at official market amidst election crisis

On Monday, the Nigerian Naira value dropped against the US Dollar in the official market segment of the foreign exchange (forex) market, as the country anxiously awaits the results of the recent presidential election.

According to data obtained, the Naira’s value shrank in the Investors and Exporters (I&E) window of the FX market, although it gained in the black market and the Peer-to-Peer (P2P) exchanges.

Specifically, the Naira lost 93 Kobo or 0.18 per cent against the American currency in the I&E window, resulting in a trading rate of N462.00/$1, compared to the previous day’s rate of N461.17/$1.

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Despite this, the value of FX transactions decreased by 59.2 per cent or $78.93 million, totaling $54.37 million from the previous session’s $133.30 million.

However, there was some positive news for the Naira. In the P2P window, the local currency appreciated against the greenback by N1, resulting in a trading rate of N768/$, which improved over the preceding session’s rate of N769/$1.

Similarly, in the black market, the Naira gained strength against the US Dollar by N13 to close at N750/$1, compared to last Friday’s exchange rate of N763/$1.

In the interbank segment, the Naira depreciated by 12 Kobo against the Pound Sterling to close at N552.52/£1, compared to its previous rate of N552.40/£1.

However, against the Euro, it gained 58 Kobo, resulting in a trading rate of N486.97£1, compared to the previous rate of N487.55/£1.