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NAIRA DEPRECIATES TO 607/$1 IN P2P MARKET

The Nigerian currency, Naira has depreciated further  on Thursday morning at the peer-to-peer market, trading at a minimum of N607.32/$1 compared to N602/$1 recorded as of the same time the previous day.

The naira had on Wednesday also depreciated at the Investors and Exporters window, exchanging at N418.75 to the dollar, a 0.12 per cent depreciation, weaker than N418.25 traded on Tuesday.

The open indicative rate closed at N417.70 to the dollar on Wednesday.

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A sum of $115.78 million in FX value exchanged hands at the official market as liquidity tightened, falling by 50.64% compared to $234.54 million that was traded in the previous trading session.

Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N418.75/$1, while it sold for as low as N410/$1 during intra-day trading,

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