Again, Naira declines against US dollar
December 12,20202
The Nigerian currency, the Naira, has again depreciated further against the US dollar in the forex market making it a fourth-day straight loss.
This happened as Godwin Emefiele the Governor of the Central Bank of Nigeria confirmed that the country was in a forex crisis.
The poor performance of the Naira happened in both the black market, peer-to-peer (P2P), and Investors and Exporters (I&E) segments of the market
In the parallel market, the Naira fell by N3 against the dollar, selling for N743/$1 versus N740/$1 the previous day.
In the same vein, the Nigerian naira fell by N10 against the US dollar in the P2P forex window, settling at N771/$1 as opposed to the previous day’s rate of N761/$1.
Furthermore, in the I&E segment, the Naira fell 50 Kobo or 0.11 percent against the US dollar to trade at N446.50/$1, down from N446.00/$1 on Thursday.
The drop occurred as a result of a drop in FX transactions at the spot market yesterday to $162.17 million from the previous day’s turnover of $231.20 million, representing a shortfall of $69.03 million or 29.9%.
The Naira closed flat against the Pound Sterling and the Euro in the interbank market, at N541.16/£1 and N467.43/€1 respectively.
