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Naira falls as dollar demand jumps by $35.96m

Nigerian currency, the naira once again recorded a poor performance against the US dollar amid a rise in dollar demand.

Data from the FMDQ Securities Exchange where the Naira is officially traded showed that the dollar again increased in value against the naira on Monday by a marginal 13 Kobo or 0.03 percent to quote at N461.63/$1, in contrast to last Friday’s value of N461.50/$1.

This happened as the value of forex transactions in the official FX market in Nigeria stood at $132.77 million, 37.1 per cent or $35.96 million higher than the $96.81 million recorded in the preceding session.

Its inability to withstand the demand pressure affected the value of the naira during the trading day.

 

At the peer-to-peer (P2P) segment of the FX market, the exchange rate of the Nigerian currency paired with its American counterpart remained flat at N760/$1.

It was a similar story in the interbank window, where the value of the Nigerian Naira and the British Pound Sterling remained unchanged at N562.71/£1, and against the Euro, it was also flat yesterday at N493.09/€1.

But in the black market, the domestic currency appreciated against the greenback on Monday by N1 to settle at N747/$1 compared with the preceding trading session’s rate of N748/$1

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