Nigeria’s naira loses more value to the U.S dollar


Last week closed with Naira weaker against the U.S dollar at the Investors and Exporters (I&E) forex window, the official currency market.

Naira closed on Friday at N411 against the opening rate of N409.75k on Monday indicating a loss of 0.3 percent or N1.25 during the week.

This is despite increased dollar supply in the market.

According to FMDQ data compiled by Ripples Nigeria, foreign exchange market turnover increased by 35.65 percent Week-on-Week to $61.52 million on Friday from $45.35 million recorded at the opening of the trading week on Monday.

Breakdown of naira performance during the last trading days shows that Nigeria’s currency opened with a loss of 0.18 percent on Monday.

Naira exchanged at N409.75k on Monday compared to N409 it closed on Friday.

On Tuesday, Naira weakened further by 0.31 percent against the dollar to close at N411 to a dollar.

On Wednesday Naira rebounded and gained 0.12 percent to close at N410.50/1$.

While on Thursday, the exchange Naira rate was unchanged at N410.50.

However this quickly changed as Naira closed the week on Friday with a loss of 0.12 percent as a dollar exchanged at N411.00 as against the previous day of N410.50.

For the black market, Naira closed the week unchanged at N482 in five trading sessions.

This means as at the end of Friday trading, the difference between official and black market rate was N71.

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