Naira depreciates by 0.17% at the Official Market

June 10, 2024.

Azonuchechi Chukwu.

Nigerian Naira on Friday depreciated against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.17 per cent or N2.50 to quote at N1,483.99/$1compared with the preceding session’s N1,481.49/$1.

Data from the FMDQ Securities Exchange revealed that the value of forex transacted during the trading session increased by 26.2 per cent or $55.96 million to $269.27 million from the $213.31 million executed in the previous trading day.

In the parallel market also known as black market, the local currency improved its value against its American counterpart on Friday by N5 to sell for N1,490/$1 compared with the preceding session’s exchange rate of N1,495/$1.

Also, in the official FX market, the Nigerian Naira crumbled against the Pound Sterling during the trading day by N6.69 to finish at N1,899.92/£1, in contrast to Thursday’s closing value of N1,893.23/£1 and against the Euro, the Nigerian currency lost N6.54 to settle at N1,617.61/€1 versus N1,611.07/€1(www.naija247news.com).