Strong demands by importers and Nigerians seeking to travel out of the country have seen Naira continued to depreciate against the US dollar at the official market.
This is as data from FMDQ showed the Naira exchanged at N415.07/$1 on Friday, December 17 at the Investors and Exporters (I&E) window of the foreign exchange (forex) market
This was a marginal loss of 0.01 per cent or 2 kobo compared to N415.05/$1 it traded at the previous session.
Nigeria’s currency’s poor performance to its American counterpart continued despite the FX category posting low forex transactions, according to data from the FMDQ Securities Exchange.
The turnover for the trading session stood at $151.03 million, 54.4 per cent or $180.08 million lower than the previous day’s turnover of $331.11 million.
However, the local currency showed no movement against the American currency at the interbank window of the forex market at the closing session for the week. This was due to the fact that the exchange rate remained intact at N411.91/$1 at the close of business.
However, the Nigerian Naira appreciated against the British Pound Sterling by N3.33 on Friday to trade at N547.35/£1 versus the preceding session’s N550.68/£1 and gained 87 kobo against the Euro to close the day at N466.24/€1 compared with N467.11/€1 of the previous day.
Meanwhile, at the black market, traders during the weekend sold dollars to Nigerians at Okota and Ikeja at N574/$.