{"id":38287,"date":"2020-12-30T11:42:04","date_gmt":"2020-12-30T11:42:04","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=38287"},"modified":"2020-12-30T11:42:11","modified_gmt":"2020-12-30T11:42:11","slug":"naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=38287","title":{"rendered":"Naira depreciates across forex market segments after resumption from yuletide holiday"},"content":{"rendered":"\n
\"dollar\"\/<\/figure>\n\n\n\n

Naira weakened across various segments of the currency market on Tuesday as commercial activities resumed following a two-day holiday observed on Friday and Monday in celebration of Christmas.<\/p>\n\n\n\n

The local currency changed hands at N470 to a United States dollar at the parallel market, N5 or 1.08% weaker than the N465 rate of exchange recorded at the close of business on Thursday, data from abokiFX.com<\/a>, which collates rates from traders in Lagos, showed.<\/p>\n\n\n\n

Similarly, naira shed value at the spot market also known as the Investors & Exporters (I&E) forex window as it closed at N393.50 to a dollar, according to the FMDQ Securities Exchange.<\/p>\n\n\n\n

That showed a N1.50 or 0.38% decline from a close of N392 reported at the previous session<\/p>\n\n\n\n

The spread between the official exchange rate and that of the black market has now widened to N76.5 or 19.4%.<\/p>\n\n\n\n

The perennial scarcity of dollar<\/a> at the I&E window means those in need of the currency are forced to patronise the black market where dollar is costlier but more accessible, heaping pressure on the naira.<\/p>\n\n\n\n

Forex turnover at the I&E window rose 31.2% to $129.19 million on Tuesday, relative to the $98.47 million recorded at the session before.<\/p>\n\n\n\n

Naira hit an intraday high of N385 to a dollar and a low of N392.86 before closing at N393.50.<\/p>\n\n\n\n

From the beginning of the year to 23rd December, Nigeria\u2019s external reserves fell by 8.16% to $35.36 billion, weakening the central bank\u2019s ability to defend the naira.<\/p>\n","protected":false},"excerpt":{"rendered":"

Naira weakened across various segments of the currency market on Tuesday as commercial activities resumed following a two-day holiday observed on Friday and Monday in celebration of Christmas. The local currency changed hands at N470 to a United States dollar at the parallel market, N5 or 1.08% weaker than the N465 rate of exchange recorded […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4,35],"tags":[],"yoast_head":"\nNaira depreciates across forex market segments after resumption from yuletide holiday » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=38287\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=38287#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Naira depreciates across forex market segments after resumption from yuletide holiday\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Naira depreciates across forex market segments after resumption from yuletide holiday » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=38287","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=38287#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"Naira depreciates across forex market segments after resumption from yuletide holiday"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=35\" rel=\"category\">Finance<\/a>","rttpg_excerpt":"Naira weakened across various segments of the currency market on Tuesday as commercial activities resumed following a two-day holiday observed on Friday and Monday in celebration of Christmas. The local currency changed hands at N470 to a United States dollar at the parallel market, N5 or 1.08% weaker than the N465 rate of exchange recorded…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/38287"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38287"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/38287\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}