The naira started the week negative as it fell in value against the dollar by 87kobo in the Investors and Exporters (I&E) segment of the foreign exchange market.
Against the US dollar, Naira depreciated to close at N411.67/$1 on Monday, representing a 0.21% drop compared to the N410.80/$1 recorded the previous trading day.
However, the naira remained stable in the parallel market, closing at N515/$1 on Monday, August 16, 2021. This was the same rate as the previous trading day.
The local currency slumped in the official market as demand pressures persist despite a 7.5% increase in forex liquidity. The disruption in FX liquidity did not help yesterday as forex traders were unable to adequately meet their clients’ requests, which put pressure on the domestic currency.
Details of the transactions in the I&E market showed that the day’s revenue grew 7.5 percent or $8.14 million on Monday as transactions worth $117.17 million were executed compared to the $109 .03 million executed during the previous session.
In the interbank segment of the forex market, the exchange rate of the Naira against the US Dollar remained static at N410.11/$1 as it closed trades on Monday.