Naira falls to US dollar at official market ahead of holiday

The Nigerian currency, the Naira, experienced a decline relative to the US Dollar in both the Investors and Exporters (I&E) and the black market segments of the foreign exchange market ahead of the Eid-al-Fitr holiday.

However, it appreciated against the American currency during the session in the Peer-to-Peer (P2P) window of the FX market

Data from FMDQ securities revealed that the Nigerian currency lost N1.17 or 0.25 percent to close at N463.67/$1 compared with Wednesday’s value of N462.50/$1, as the value of forex trades decreased by $8.17 million or 5.5 percent to $139.85 million from the $148.02 million recorded in the preceding session

Also, in the parallel market, the local currency shed N2 against the greenback on Thursday to settle at N739/$1, in contrast to the midweek session’s N737/$1.

But in the P2P, the domestic currency closed flat against its United States counterpart at N755/$1 at the close of business.

In the interbank segment, the Naira gained N1.66 against the Pound Sterling to sell at N572.18/£1 versus N573.84/£1 and also improved by N1.66 against the Euro to close at N504.09/€1 compared with Wednesday’s N505.75/€1

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