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Naira free fall continues, loses 8% of its value

naira

Naira free fall continues, loses 8% of its value in first half of the year

naira

Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo

The depreciation of the Nigerian naira continued in the first half of the year, with the currency losing up to eight percent of its value on the official market.

At the end of trading on Wednesday, Naira fell to N411.50 against the U.S dollars at the Nafex window, the official currency market according to Data posted by FMDQ securities.

This represents a N0.67 or 0.16 percent depreciation from the N410.83 rate it traded in the previous session on Tuesday.

Wednesday’s exchange rate also indicated the Naira has lost N32 of its value to the US dollar in the first six months of the year at the official market.

FMDQ data also showed that Forex turnover dipped on Wednesday by 25.71 percent, with $160.12 million registered at the end of the market session compared to $215.53 million recorded the previous session on Tuesday.

The devaluation continued on the parallel market, with the Nigerian currency losing 7.02 percent on the last trading day of the first half of the year.

Data posted by abokifx, showed that the naira closed at N503.00 per $1 at the black market window on Wednesday.

This represents a N1.00 or 0.20 per cent devaluation from N502/$1 it has traded on Monday and Tuesday.

The black market closing rate on Wednesday marks a N33 depreciation from the beginning of the year, when the Naira traded at N470/$1 on January 1st.

The declining trend also continued with the British pounds and Euro.

The Naira closed on Wednesday 30 June at N710 to a British pound from N628/£1 it opened the year.

The Euro also stomped on the Naira, ending the first half of the year stronger at N598/€1 compared to N573/€1 when the year began.

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