Home » Naira drops in value as forex demand surges by 50%

Naira drops in value as forex demand surges by 50%

by Admin

Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Pressure from Christmas travellers saw Naira record a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market.

Data from FMDQ securities showed Nigerian currency exchanged at N415.10/$1 at the last session before the holidays compared with N414.73/$1 it was traded at the preceding session.

The market recorded a total transaction of $168.62 million as against the $107.92 million achieved on Thursday, showing a 56.2 per cent or $60.7 million increase at the close of business.

Read also: Naira gains at official market as demand for dollar eases further

At the interbank segment of the market the local currency also depreciated against the American currency by 5 kobo or 0.1 percent closing at N411.95/$1 in contrast to the preceding day’s value of N411.9/$1.

But against the Pound Sterling, the domestic currency appreciated by 60 kobo to close at N552.75/£1 versus N553.35/£1 of the previous day, while against the Euro, it lost N2.64 to sell at N448.79/€1 in contrast to N446.15/€1 it finished on Thursday.

At the black market on Wednesday morning, traders who spoke to Ripples Nigeria said they exchanged Naira to dollar at N565.

The post Naira drops in value as forex demand surges by 50% appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

Source: NEWS

Related Articles

Leave a Comment