Naira depreciates, trades at N461.75 to a dollar at official market
January 30,2023
The Nigerian currency continued its depreciation against the US dollar at the official market but improved at the black and peer-to-peer market
Data from FMDQ securities showed that the Nigerian Naira depreciated against the United States Dollar in the Investors and Exporters (I&E) window of the foreign exchange market on Friday by 50 Kobo or 0.11 percent to close at N461.75/$1.
The depreciation was caused by FX demand pressure on the Naira during the trading session.
Data showed the value of forex transactions in the official window increased to $97.67 million, in contrast to the $45.16 million recorded in the preceding trading day, indicating an increase of 116.3 percent or $52.51 million
However, at the Peer-to-Peer (P2P) arm of the FX market, the domestic currency appreciated against its American par by N2 to trade at N762/$1, in contrast to Thursday’s value of N764/$1.
Also, in the parallel market, the local currency appreciated against the greenback yesterday by N2 to sell at N750/$1 versus the previous day’s exchange rate of N752/$1.
In the interbank window, the Nigerian currency closed flat against the Pound Sterling and the Euro during the session at N567.45/£1 and N500.73/€1, respectively
