Naira continues to weaken at Investors’ Forex market

Naira continues to weaken at Investors’ Forex market

Naira continues to weaken at Investors’ Forex market.

A total of $600.45 million was transacted as Naira continues to weaken at Investors and Exporters (I&E) foreign exchange market.

Pressure continued to mount on the Naira at the Investors’ Forex market, weakening 0.07 per cent against the Dollar on Thursday.

It opened at N363.55 at the Investors and Exporters foreign exchange market trading high at N364.50 and eventually closed at N363.96, representing a 0.07 per cent depreciation as against yesterday’s position.

At the interbank, the Naira/USD spot and SMIS rates remained stable to close atN306.95/$ and N358.51/$ respectively.

The official rate of the Naira remains unchanged to close at N306.95/$1 as against yesterday’s position.

At the parallel markets, the cash rates appreciated by 20k to close at N360.80/$.