The Naira, on Monday, suffered a decrease in value against the US Dollar in the black market and in the Peer-2-Peer (P2P) and Investors and Exporters (I&E) windows of the foreign exchange market.
The poor performance of the naira was worst at the peer-peer market as it lost N12 value to trade at N768/41, in contrast to last Friday’s value of N756/$1.
Also, in the parallel market, the domestic currency shrank by N2 against the United States Dollar to quote at N745/$1 compared with the previous session’s exchange rate of N743/$1.
Similarly, in the official market, the FMDQ data shows that the Naira at the Investors and Exporters window declined by 17 Kobo or 0.05 percent against the US dollar to trade at N461.50/$1 compared with last Friday’s rate of N461.33/$1.
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However, the local currency closed stronger against the Pound Sterling in the interbank segment on Monday by N3.41 to close at N562.67/£1 versus last Friday’s N566.08/£1, and against the Euro, it appreciated by N3.27 to N494.45/€1 from N497.72/€1.