Potpourri News

Naira’s value falls against dollar after Buhari’s broadcast


The naira has continued to lose value against the dollar after showing some signs of strength in recent days. On Thursday, February 16, the value of Nigeria’s currency fell across all foreign exchange markets as President Muhammdu Buhari insisted that the N500 and N1,000 banknotes were no longer legal tender.

The forex markets include the Investors and Exporters (I&E) which is the official market that carters for import and export activities, while the black market, and the Peer-to-Peer (P2P) are the unofficial segments.

Data from FMDQ securities reveals that the value of the Naira depreciated by 50 Kobo or 0.11 percent to close at N462.00/$1 compared with the previous day’s N461.50/$1.

This came as daily turnover stood at $69.72 million, in contrast to the preceding session’s $89.54 million, representing a decline of 22.1 percent or $19.82 million.

Similarly, the Nigerian currency fell by N2 against the US dollar to settle at N770/$1 in the P2P market, down from N768/$1 the previous day. Also, the Naira fell by N3 against the US dollar on the parallel market yesterday, settling at N760/$1 vs N757/$1 on Wednesday.


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