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Naira loses ground against dollar



According to Nairametrics, the Naira began the week with a drop against the US dollar, closing at N416.38/$1, a 0.09 percent depreciation from the previous trading session’s N416/$1.

Naira loses ground against dollar

Naira loses ground against dollar

Meanwhile, currency turnover on the official market fell marginally by 3.9 percent to $136.9 million, down from $142.42 million on Friday.

In the same vein, the exchange rate fell by 1.04% at the P2P market on Tuesday morning, trading at a minimum of N585.5/$1 compared to N579.5/$1 recorded as of the close of trading activities on Monday.

Meanwhile, the naira closed with a marginal decline of 0.18% to close at N571/$1 at the parallel market, after maintaining N570 to a dollar in the past three trading sessions. This is according to information obtained from operators interviewed by Nairametrics.

Nigeria’s foreign reserve declined by $31.6 million to close at $40.31 as of 21st January 2022, representing a 0.08% decline compared to $40.35 billion recorded as of 20th January 2022.

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