Naira reverses gains, drops points against Dollar

The Nigerian Naira experienced a reversal of its gains against both the US dollar in the official and black markets.

At the beginning of the week, the Naira had appreciated against the dollar.

However, on Tuesday, there was a complete reversal as the Naira tumbled at the official market against the Dollar, closing at N463.25/$1.

According to data from FMDQ Securities Exchange, this performance represents a N1.00 or 0.22 per cent drop compared to Monday’s exchange rate of N462.25/$1.

Additionally, the turnover for the session was $95.45 million, which is 202.5 per cent or $31.55 million higher than the $63.90 million reported on Monday.

Similarly, in the parallel market, the domestic currency depreciated against the American currency on Tuesday by N1 to sell at N739/$1 compared with the preceding day’s rate of N738/$1.

Meanwhile, in the interbank segment of the market, the Naira gained N4.06 against the Pound Sterling on Tuesday to sell at N572.66/£1 versus Monday’s N576.72/£1, and against the Euro, it appreciated by N18.99 to finish at N489.05/€1 versus N508.04/€1.