Naira Further Loses Value Against Dollar at Official Market

By Dipo Olowookere

The value of the Naira to the Dollar at the official exchange rate window further weakened on Thursday by 17 Kobo or 0.04 per cent, closing at N425.05/$1 compared with the N424.88/$1 it was traded on Wednesday.

According to data from the FMDQ Securities Exchange, the turnover at the Investors and Exporters (I&E) window of the foreign exchange market was low but the inability of traders to meet the demands of their customers amid the rationing of forex contributed to the downfall of the local currency yesterday.

Business Post reports that FX trades valued at $76.64 million were carried out at the spot market during the trading day, $36.19 million or 32.08 per cent lower than the $112.83 million executed during the midweek session.

Also, at the black market, the exchange rate of the Naira to the US Dollar went against the former as it lost N2 or 0.33 per cent to settle at N612/$1 compared with the preceding day’s N610/$1.

However, at the Peer-to-Peer (P2P) window of the FX market, the domestic currency appreciated against the greenback by N6 or 0.97 per cent to quote at N613/$1 compared with Wednesday’s rate of N619/$1.