The value of the Naira continues to fall against the US dollar at the official market
In the first two weeks of February, CBN had withdrawn from the external reserves a total of $207.9 million but this has failed to help Naira performance.
On Friday, 18 February 2021, the Naira ended at N416.75 per dollar, down 8 kobo or 0.02 percent from the previous day’s close of N416.67/$1 at the Investors and Exporters (I&E) segment of the foreign currency (FX) market.
Data from FMDQ securities showed the value of the transaction at the market, dropped by 49.6 percent or $62.99 million to $64.03 million from the $127.02 million achieved at the previous session.
It was a similar story against the Pound Sterling as the Naira depreciated by N2.46 to close at N567.14/£1 compared with N564.68/£1 it was transacted a day earlier
However, against the Euro, the local currency appreciated yesterday by N1.04 to settle at N473.08/€1 versus N474.12€1 of the preceding session CBN data shows.
At the Black market, the exchange rate remained at N574 on Monday morning, traders confirmed to Ripples Nigeria.
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