Naira falls against Dollar, Euro others at official market

Data from Investors and Exporters (I&E) forex window, Nigeria’s official window shows that Naira fell to the dollar and quoted N441.83, which was higher than N440.67 quoted on Wednesday.

Most currency dealers who participated at the FX auction on Wednesday maintained bids between N435.00 (low) and N442.00 (high) per dollar.

Similarly, at the black market, Naira fell to the dollar to close at N721.46 on Thursday compared to N716.82 the previous day.

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The nation’s currency also fell on Thursday to the pounds to N807.394 from N805.64 a day earlier. While against the Euro, Nigerian currency dropped in value to N713.05 from N710.08.

According to data obtained from the FMDQ, Dollar supply through the daily foreign exchange market turnover declined by 47.20 percent to $64.80 million on Thursday from $95.39 million recorded on Wednesday.

The drop in dollar supply consequently increased pressure and reversed Naira’s gains on Tuesday. It was the same fate for Naira against the British pound and Euro.