Naira weakens against Dollar at official market

The Naira continued its poor performance in the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, March 28.

Data from FMDQ securities showed that Naira depreciated against the Dollar by 25 Kobo or 0.05 per cent to settle at N461.75/$1 compared with Monday’s closing price of N461.50/$1.

However, in the black market, the Nigerian currency solidified its value against the American currency during the session by N2 to quote at N743/$1, in contrast to the N745/$1 it was exchanged in the preceding session.

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Similarly, the local currency gained N1 against the greenback yesterday in the peer-to-peer (P2P) segment of the forex market to N767/$1 versus Monday’s value of N768/$1.

But in the interbank segment of the FX market, CBN data showed the Naira weakened against the Pound Sterling on Tuesday by N2.84 to settle at N565.51/£1 compared with the previously traded rate of N562.67/£1.

While against the Euro, it lost N2.21 to finish at N496.66/€1 versus Monday’s closing rate of N494.45/€1.