Naira drops against Dollar at official FX market

The Naira depreciated against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market at the last trading session.

Data obtained from FMDQ Securities Exchange showed that the naira value dropped by 40 Kobo or 0.09 percent to close at N461.50/$1 compared with the previous day’s rate of N461.10/$1.

The local currency came under pressure due to a rise in the demand for forex at the market window.

The value of forex transactions at the I&E segment on Friday stood at $59.40 million compared with the $40.24 million traded on Thursday, representing a surge in the turnover by 47.6 percent or $19.16 million.

However, in the Peer-2-Peer (P2P) arm of the market, the domestic currency appreciated against the greenback by N5 to trade at N758/$1, in contrast to the preceding session’s N763/$1.

In the same vein, the Nigerian currency gained N2 against the American currency to settle at N749/$1 compared with the previous day’s exchange rate of N751/$1.

But at the interbank window of the market, the Naira closed flat against the British Pound Sterling and the Euro during the session at N560.24/£1 and N496.12/€1, respectively.