Naira reverses gain, falls at official and black market

The Nigerian Naira suffered a sharp reversal in fortunes on Wednesday, falling at both the official and black-market exchanges after Wednesday’s gain.

At the official exchange rate, the Naira fell by data from FMDQ securities showing that Naira depreciated against the greenback during the session by 79 Kobo or 0.17 per cent to settle at N463.67/$1, in contrast to the previous day’s value of N462.88/$1.

This decline happened amid a slight jump in the value of forex as the trades recorded in the official market by 5.3 per cent or $4.29 million to $85.19 million from $80.90 million.

It was the same at the black market, the Naira lost N2 against the United States currency at the midweek session closing at N738/$1 compared with Tuesday’s closing price of N736/$1.

Also, in the Peer 2 peer market, the exchange rate of the Naira to the Dollar was N748/$1 yesterday compared with the preceding day’s N742/$1, representing a decline of N6.

However, at the interbank segment of the forex market, the domestic currency closed flat against the Pound Sterling at N573.03/£1 but lost 76 Kobo against the Euro to trade at N502.87/€1 versus the preceding session’s N502.11/€1.