Naira value drops massively against US dollar
On Monday, the Nigerian Naira experienced a decrease in value against the US Dollar in the black market and in the Peer-2-Peer (P2P) and Investors and Exporters (I&E) windows of the foreign exchange market.
The poor performance of the naira was worst at the peer-peer market as it lost N12 value to trade at N768/41, in contrast to last Friday’s value of N756/$1.
Also, in the parallel market, the domestic currency shrank by N2 against the United States Dollar to quote at N745/$1 compared with the previous session’s exchange rate of N743/$1
The poor performance of the Naira happened as forex supply to the official market dropped by 57.8 percent or $139.61 million to $101.77 million from the $241.38 million recorded in the preceding session.
However, the local currency closed stronger against the Pound Sterling in the interbank segment on Monday by N3.41 to close at N562.67/£1 versus last Friday’s N566.08/£1, and against the Euro, it appreciated by N3.27 to N494.45/€1 from N497.72/€1
