Naira drops as demand for FX increases

January 23, 2023
10 Views

The demand for foreign exchange (FX) at the Investors and Exporters (I&E) market weakened the value of the Naira at the end of last week.

On Friday Nigerian currency value dropped by 25 Kobo or 0.05 percent against the US Dollar to N461.50/$1 compared with the previous day’s N461.25/$1.

The FMDQ Securities Exchange reported that forex trades at the official market stood at $96.81 million, with traders bidding the Naira to the greenback as high as N462.00/$1 and as low as N440.00/$1 during the session.

READ ALSOReactions as CBN issues another reminder about old naira notes

However, the exchange rate of the local currency to its US counterpart remained unchanged yesterday at N760/$1 in the Peer-2-Peer (P2P) window of the market.

Similarly, the domestic currency maintained stability against the United States currency at N748/$1 at the close of business on Friday in the parallel market window.

But in the interbank segment, the Naira depreciated against the British Pound Sterling by N8.64 to close at N562.71/£1, in contrast to Thursday’s rate of N554.07/£1 and fell by N1,37 against the Euro to trade at N493.09/€1 versus the preceding day’s N491.72/€1.

You may be interested

Australian police seize 130kg of meth hidden in bathroom tiles
Crime
Crime

Australian police seize 130kg of meth hidden in bathroom tiles

Webby - February 9, 2023

Three men have been charged in Australia for allegedly importing 130 kilograms of methylamphetamine hidden in paraffin wax, police said…

AbdulRazaq approves palliative for vulnerable groups to cushion fuel, currency scarcity
News
19 views
News
19 views

AbdulRazaq approves palliative for vulnerable groups to cushion fuel, currency scarcity

Webby - February 9, 2023

Gov. AbdulRahman AbdulRazaq has approved palliative for vulnerable groups in Kwara to cushion the effect of fuel and currency scarcity.…

Election: Imumolen tasks Tinubu, Atiku, Obi to step down for youths
News
2 views
News
2 views

Election: Imumolen tasks Tinubu, Atiku, Obi to step down for youths

Webby - February 9, 2023

Spread the loveMr Christopher Imumolen, the Presidential Candidate of Accord Party, said Tinubu, Atiku and Obi all served Nigeria as…

Leave a Comment

Your email address will not be published.