May 27, 2023

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Naira Loses 25kB to USD at Close of the Week.

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CEM REPORT, MARKET | Increased demand for foreign exchange (FX) at the close of the week’s trading at the Investors and Exporters (I&E) weakened the value of the Naira on Friday by 25 Kobo or 0.05 per cent against the American Dollar to N461.50/$1.

The FMDQ Securities Exchange reported that forex trades at the official market stood at $96.81 million, with trading bidding the Naira to the greenback as high as N462.00/$1 and as low as N440.00/$1 during the session.

Similarly, the domestic currency maintained stability against the United States currency at N748/$1 at the close of business on Friday in the parallel market window.

But in the interbank segment, the Naira depreciated against the British Pound Sterling by N8.64 to close at N562.71/£1 and fell by N1,37 against the Euro to trade at N493.09/€1.

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