Naira has slumped against U.S Dollar at the official market.
Eko Hot Blog reports that 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.
According to 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.
Read Also: BREAKING: Read Details As FG Proposes More Allocations For LGs
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 Eko Hot Blog.
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
