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Naira Reverses Gain, Falls To US Dollar

According to the most recent international currency rates, the Nigerian naira reversed its recent gains against the US dollar and fell substantially in value on Thursday.

During the previous two days, the naira had been on the rise versus the dollar, increasing by almost 1%.

But it abruptly changed course at the window for investors and exporters, losing 5 Kobo or 0.01 percent.

According to data, the Nigerian Naira depreciated 5 Kobo, or 0.01 percent, against the US dollar yesterday in the Investors and Exporters (I&E) market, ending the day at N461.40/$1, down from N461.35/$1 the day before.

This happened when the value of FX transactions recorded during the trading session slightly decreased.

The daily turnover at FMDQ Securities Exchange decreased by 2.2 percent, or $2.16 million, to $96.44 million from the $98.60 million registered in the previous session.

In the black market, the Naira lost value versus the dollar by N1 and now trades at N752/$1, down from N751/$1 on Wednesday.

However, in the P2P market, the local currency increased by N2 to close at N764/$1, as opposed to N766/$1 in the previous trading session.

A glance at the interbank window of the foreign exchange market showed that the local currency gained during the session against the British pound, closing at N551.23/£1 as opposed to N557.77/£1 during the midweek session.

it increased 32 Kobo to quote at N489.09/‚ā¨1 compared to the previous session’s N489.41/‚ā¨1 quote.

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