Naira falls to N461.50 as demand for dollars increases
In the most recent trading session, the Naira lost value against the US dollar in the Investors and Exporters (I&E) section of the foreign exchange market.
According to information from FMDQ Securities Exchange, the value of the naira decreased by 40 Kobo, or 0.09 percent, to close at N461.50 to the dollar, down from the previous day’s rate of N461.10 to the dollar.
A surge in the demand for forex at the market window put pressure on the local currency.
Compared to the $40.24 million exchanged on Thursday, the value of FX transactions at the I&E segment was $59.40 million on Friday, representing a rise in turnover of 47.6 percent or $19.16 million.
However, in the peer-to-peer (P2P) segment of the market, the local currency strengthened by N5 to trade at N758/$1, down from N763/$1 in the previous session.
In a similar vein, the exchange rate between the Nigerian Naira and the US dollar increased by N2, ending the day at N749/$1, up from N751/$1 the day before.
The Naira, however, closed flat versus the British Pound Sterling and the Euro throughout the session at N560.24/£1 and N496.12/€1, respectively. This was at the market’s interbank window.