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Naira depreciates on the official market

Naira depreciates on the official market

On Friday, the naira slightly depreciated vs the dollar, following a day in which it managed a meager gain on the spot market after hitting an all-time low record on Wednesday.

The local currency depreciated by 0.002 percent from the N436.32 it traded at the end of the previous session on Thursday, according to data posted on the FMDQ website, where forex is officially traded. The local currency opened at N433.83 per $1.

The exchange rate spiked to an intraday high of N425.00 before falling to a low of N437.50 and ending the week’s last working day at N436.33 per $1.

The Naira made an all-time low of N436.50 on Wednesday at the authorized window, trading throughout the week between the market range of N434.00 and N436.00 and above.

The native currency declined by 0.4% during this time, closing trading at N436.33 to a dollar on the last business day of the week, down from the week’s highest rate of N434.75 to a dollar, which was recorded on Monday.

An examination of exchange rates between states on Friday also showed that the Naira continued to lose value in the street market.

Currency exchangers in the Uyo black market exchanged the dollar for N703.00 and sold it for N707.00, whereas those in the Abuja parallel market claimed to have acquired it for N702.00 and traded it for N705.00.

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