Naira suffers more devaluation against Dollar

Nigerian currency last week weakened significantly to the US dollar as it suffered five straight days of losses at the interbank segment of the forex exchange market.

According to data published on the Central Bank of Nigeria’s website, Nigeria’s naira depreciated against the American currency on Friday by 17 kobo to N416.33/$1 from N416.16/$1 quoted at Thursday’s session.

Friday closing exchange rates completed a full week of straight devaluation at the interbank official market to US dollar.

In the same interbank market the Naira lost 10 kobo against the Pound Sterling to sell for N557.38/£1 versus N557.28/£1 it closed a day earlier.

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To the Euro, the Naira ended stronger by 94 kobo to quote at N463.58/€1 in contrast to the preceding day’s N464.52/€1.

However, at the specialized market for Investors and Exporters (I&E) segment, the Naira recorded a positive trade on Friday.

Data from FMDQ shows that the local currency appreciated by 33 kobo or 0.08 per cent yesterday to exchange at N416.00/$1 compared with N416.33/$1 of the previous session.

Naira’s appreciation at the I&E window was largely due to less pressure from participation as there was enough to meet the demands of customers.

According to FMDQ the market transactions closed $81.29 million 28.5 percent lower than the $113.71 million recorded at the preceding session.

At the black market also Naira witnessed a good ride as it now exchanged at N565 to a dollar from the previous N570.