Business

Naira Depreciates To U.S Dollar After 3 Days Of Stability – See Current Rate

Published

4 years ago

October 27, 2021

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

Naira has dropped in value on Tuesday after being on a stable rate with the U.S dollar for three days consecutively.

Infoexpert24 understands that according to data from FMDQ securities, the official foreign exchange market for Investors and Exporters, it shows the value of the Nigerian currency versus the greenback yesterday was N415.10/$1.

Tuesday rate implies that Naira depreciated by 3 kobos or 0.01 percent when compared to N415.07/$1 on Monday.

READ ALSO: Naira Crashes Massively At Black Market, See Today’s Exchange Rate

Also at the other official market, the interbank window, the value of Nigerian currency also suffered a 3 kobo or 0.01 percent loss.

Turnover at NAFEX market drops by 23% as exchange rate disparity rises to N84 – Nairametrics

Data posted on the website of the Central Bank of Nigeria (CBN) showed Nigerian currency ended yesterday’s trading session at N411.02/$1 in contrast to N410.99/$1 it finished a day earlier.

However, against the Pound Sterling, the domestic currency gained N1.11 at the interbank to trade at N565.36/£1 versus N566.47/£1 of the preceding session.

Naira also appreciated against the Euro, by 79 kobo to close at N477.12/€1 compared with N477.91/€1 it traded on Monday.

Infoexpert24 understands that the dollar to Naira exchange rate stayed at N560 to N565 on Tuesday’s unregulated market.

Facebook Comments