Nigerian currency has reversed some of its gains and weakened against the US dollar in the foreign exchange market.
Latest data showed that the naira depreciated in both the official and unofficial forex markets on Monday
The decline of the naira is a result of growing market pressure and a lack of visible intervention over the past week from the CBN.
The value of the naira depreciated against the US dollar amid renewed foreign exchange (FX) pressure on Monday, October 6.
Data obtained from the Central Bank of Nigeria showed that the naira in the official market closed at N1,470.26/$1 after trading activities on Monday
Monday’s rate is a N4.58 or 0.31% depreciation when compared with N1,465.68/$1 recorded last Friday.
Naira vs pound, euro
Nigerian currency also depreciated against the pound sterling in the official market, closing at N1,976.91/£1 from N1,972.51/£1 on Friday.
However, it gained N2.56 against the Euro to settle at N1,718.29/€1 compared with N1,720.85/€1 in the preceding session.
A check on GTBank’s exchange rate board showed that the naira lost N15 against the greenback, selling at N1,475/$1 on Monday, weaker than N1,460/$1 in the previous session.
Naira in the black market
The poor performance for the naira continued In the parallel market also known as the black market. Traders told Legit.ng that the dollar exchange rose by N10 compared to previous week closing rate.
Abdullahi said: “The dollar traded between a buy rate of N1,475 and a sell rate of N1,488 on Monday, up from N1,465 in the previous session. The euro also strengthened, with a buy rate of N1,720 and a sell rate of N1,735, while the Pound Sterling traded at a buy rate of N1,990 and a sell rate of N2,010.”
CBN naira exchange rates
CFA: N2.62
Yuan/Renminbi: N206.49
Danish Krone: N230.11
Euro: N1,718.29 Yen: N9.80
Riyal: N391.98
South African Rand: N85.22
Swiss Franc: N1,843.13
Pounds Sterling: N1,976.91
US Dollar: N1,470.26
WAUA: N2,008.79
