January 12, 2017/Cordros Research

At the time of writing, the naira — in the interbank segment of the market – had declined against two of the three currencies we track. The NGN/GBP (-0.67%) and NGN/EUR (-0.66%) weakened to N388.13 and N335.38 respectively, while the NGN/USD (+0.16%) strengthened to N304.50.

In the parallel market, the LCY depreciated against the greenback and the pound, with the NGN/USD (-0.61%) and NGN/GBP (-0.67%) weakening to N495.00 and N597.00 respectively.

The NGN/EUR was flat at N515.00. Reuter’s reported that the apex bank (in a statement released earlier today) has dismissed devaluation concerns and promised to continue its support for the LCY at current levels.