The Nigerian Naira weakened against the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), after it lost 3.00 per cent or N47.08 against the US Dollar on Friday to sell at N1,617.08/$1 compared with the preceding day’s N1,5700.00/$1.....CONTINUE READING THE ARTICLE FROM THE SOURCE
This coincided with a decline in the value of foreign exchange (FX) transactions in the official market by 7.6 per cent or $10.77 million to $131.55 million from the $142.32 million recorded in the preceding trading session.
Similarly, in the black market, the domestic currency depreciated against the American currency during the trading day by N10 to sell for N1,605/$1 compared with Thursday’s closing price of N1,595/$1.
However, the Nigerian currency appreciated against the Pound Sterling in the spot market yesterday by N17.61 to wrap the session at N2,051.50/£1, in contrast to Thursday’s closing price of N2,069.11/£1 and weakened against the Euro by N18.33 during the session to settle at N1,729.89/€1 compared with the previous day’s value of N1,748.22/€1.
(www.naija247news.com).
