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Naira Depreciates Further, Closes at 0.12% on FMDQ

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On Monday, June 6, the Naira depreciated by 0.12% or 50 kobo in the and Exporters (I&E) segment of the foreign exchange (forex) market, as investors exchanged their local currency for the US dollar at N420.25/$1, down from N419.75/$1 the previous session.

Naira Depreciates Further, Closes at 0.12% on FMDQ

Naira Depreciates Further, Closes at 0.12% on FMDQ

turnover fell by $136.61 million, or 73.5 percent, to $49.24 million from $185.85 million, according to data from the FMDQ Securities Exchange.

The Naira remained stable against the dollar at N615/$1, but depreciated by 59 kobo against the Pound Sterling to trade at N522.53/£1 compared to the previously traded rate of N521.94/£1, and depreciated by 55 kobo against the Euro to sell at N445.97/€1 compared to the previous Friday’s value of N445.42/€1.

In the digital currency market, all of the 10 benchmarked tokens tracked by Post lost value, with the crisis-ridden coin TerraClassicUSD (USTC) falling by 8.1 percent to $0.0147.

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