{"id":34143,"date":"2020-12-30T19:14:37","date_gmt":"2020-12-30T19:14:37","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=34143"},"modified":"2020-12-30T16:21:49","modified_gmt":"2020-12-30T16:21:49","slug":"naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday","title":{"rendered":"Naira depreciates across forex market segments after resumption from yuletide holiday"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>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

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, which collates rates from traders in Lagos, showed.<\/p>\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

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

The perennial scarcity of dollar 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

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

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

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. 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 […]<\/p>\n","protected":false},"author":84,"featured_media":34142,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,145,2215,1623,254],"class_list":["post-34143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-christmas","tag-forex-market","tag-naira","tag-nigeria"],"yoast_head":"\nNaira depreciates across forex market segments after resumption from yuletide holiday - Nigeria<\/title>\n<meta name=\"description\" content=\"Naira weakened across various segments of the currency market on Tuesday as commercial activities resumed following a tw ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira depreciates across forex market segments after resumption from yuletide holiday\" \/>\n<meta property=\"og:description\" content=\"Naira weakened across various segments of the currency market on Tuesday as commercial activities resumed following a tw ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-30T19:14:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5feca8fd009eb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Naira depreciates across forex market segments after resumption from yuletide holiday\",\"datePublished\":\"2020-12-30T19:14:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday\"},\"wordCount\":262,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2020\/12\/img-5feca8fd009eb.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Christmas\",\"Forex market\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-market-segments-after-resumption-from-yuletide-holiday\",\"name\":\"Naira depreciates across forex market segments after resumption from yuletide holiday - 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