Naira Crashes To U.S Dollar As Traders Execute $62.58m Transaction

Naira has once again weakened against the U.S Dollar as traders execute $62.58m transaction at the Investors and Exporters (I&E) segment of the foreign exchange e (forex) market.

Infoexpert24 reports that according to data obtained from FMDQ securities shows the value of the Nigerian currency depreciated on Tuesday just 24 hours after recording a slight gain to close at N415.07/$1

Tuesday closing rate implies Naira traded 9 Kobo or 0.02 percent less in value when compared to the N414.98/$1 on Monday.

Naira to US Dollar

This happened as the total value of transactions dropped by 61.0 percent to $62.58 million in contrast to the $160.64 million executed at the previous session.

While the interbank segment of the forex market indicated that the naira also witnessed the same outcome as its value depreciated against the American currency by 4 Kobo or 0.01 percent as it traded at N411.21/$1 versus N411.17/$1 it was sold on Monday.

However, the Naira appreciated against the British Pound Sterling at the interbank window on Tuesday by N4.99 to trade at N561.63/£1 in contrast to the previous day’s N566.62/£1 and also appreciated against the Euro by N2.79 to trade at N475.89/€1 compared with N478.68/€1 it was traded on Monday.

The black market rate remained unchanged from yesterday at N568.