By Davies Ngere Ify

The Nigerian naira has dropped to a new low against the US dollar in the black and peer-to-peer (P2P) forex markets.

The Naira to dollar exchange rate closed at N724/$1 on Friday, down from N721/$1 the previous day, indicating a N3 or 0.42 percent day-on-day decline on the P2P market.

On the black market, the Nigerian Naira depreciated against the US dollar by N3, or 0.43 percent, to settle at N705/$1, down from N702/$1 on Thursday.

In the Investors and Exporters (I&E) window, the Naira depreciated by 1 Kobo against the dollar, selling at N430.33/$1 versus the previous day’s N430.32/$1.

During the session, there was an increase in the demand for FX at the spot market by 76.1 per cent or $28.52 million to $66.02 million from $37.50 million.

In the interbank segment of the market, the domestic currency witnessed a further beating against the Pound Sterling as it dropped 99 Kobo to wrap up at N495.01/£1 in contrast to the previous day’s N494.02/£1.

Also, against the Euro, the Nigerian currency declined by N1.41 to trade at N429.98/€1 in contrast to N428.57/€1.