Naira experiences mixed performance against Dollar as scarcity bites

The Naira experienced mixed performance in the foreign exchange (FX) market at the close of last week.

The currency appreciated by N2 against the US Dollar in the Peer-2-Peer (P2P) market, settling at N752/$1 on Friday, March 10, compared to N754/$1 in the previous session.

Similarly, the Naira gained N1 against the US Dollar in the parallel market, selling for N744/$1 versus the previous day’s exchange rate of N745/$1.

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However, in the Investors and Exporters (I&E) window, the official market Naira depreciated by 50 Kobo or 0.11% against the US Dollar, settling at N461.50/$1, compared to N461.00/$1 the previous day.

Despite the decline in forex transactions by 0.3% or $0.27 million to $82.56 million from the previous day’s value of $82.83 million, the Naira still weakened in this market segment.

In the interbank window, the Naira remained flat against the Pound Sterling and the Euro, settling at N548.01/£1 and N487.11/€1, respectively.