Naira reverses gain, depreciates against US dollar at unofficial markets
On Wednesday, the Naira experienced a depreciation against the US dollar at the unofficial market but closed stronger at the Investors and Exporters (I&E) window.
At the Peer-2-Peer (P2P) , the value of the local currency fell against the greenback by N2 to sell at N755/$1 compared with N753/$1 of the previous session
While in the parallel market another unofficial market, the domestic currency depreciated against the American currency yesterday by N2 to close at N747/$1, in contrast to Tuesday’s closing price of N745/$1
However, at the official market, FMDQ securities reports that the local currency appreciated against the Dollar by 33 Kobo or 0.07 per cent in the midweek session to settle at N461.09/$1 compared with Tuesday’s exchange rate of N461.42/$1.
Daily turnover rose to $142.25 million from the $113.44 million achieved in the previous trading session, indicating an increase in the FX trades by 25.40 per cent or $28.81 million.
For the interbank segment, the Naira was flat against the British Pound Sterling and the Euro during the trading session at N561.67/£1 and N494.65/€1, respectively
