Naira drops against U.S dollar at official market

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The value of Nigerian currency fell to the U.S dollar after Monday trading activities at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Data from FMDQ securities exchange where Naira is officially traded showed that Naira depreciated by 25 kobo or 0.06 percent to U.S dollar to close at N414.55/$1 compared with N414.30/$1 it traded on Friday.

This happened on the back of a 73.7 percent rise in the demand for forex as participants at the Market on Monday bid for one dollar as high as N444.

FMDQ data showed the value of transactions for the trading session stood at $73.11 million as against the previous session’s turnover of $99.14 million.

However, at the interbank segment of the market, the Nigerian currency recorded no movement against the American currency as it closed flat N411.29/$1 yesterday.

It was a similar scenario at the same window against the Pound Sterling and the Euro as the exchange rate of the Naira remained unchanged at N553.02/£1 and N474.38/€1 respectively.

While at the black-market Naira sold at N565 to a U.S dollar says traders at Okota, Lagos who spoke to Ripples Nigeria.

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