Naira to the Dollar depreciated on Monday


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Local time
Today 7:27 AM

Data from FMDQ securities where Naira is officially traded revealed that the value of the Naira to the Dollar depreciated on Monday by N1.25 or 0.18 per cent to N420.25/$1 from the previous session’s rate of N419.00/$1.
The market is presently strained as dollar appeared limited for those truly in need, owing to ongoing politicking.
During transactions on Monday at I&E window, demand for dollars rose by $15.07 million or 13.97 per cent to $122.91 million from the previous session’s $107.84 million.

The increased demand saw Naira fall to as low as N444.00 to a dollar before closing at N420.25/$1
Similarly, the domestic currency depreciated against the Pound Sterling by 88 kobo to trade at N525.45/£1 compared to the previously traded rate of N524.45/£1.