Naira loses at official market

Naira fell slightly against the U.S. dollar at the official market on Monday, extending the currency’s depreciation to two successive business days.

This occurred as the foreign exchange supply skyrocketed significantly.

The naira closed at N416.60 to a dollar at the close of business Monday, data published by FMDQ where forex is officially traded showed.

This represents N0.27 or 0.10 per cent depreciation from N416.33 it traded in the previous session on Friday last week.

By implication, this is the weakest new rate the naira touched at the over-the-counter market in the past two weeks.

The domestic currency experienced an intraday high of N410.00 and a low of N444.00 before closing at N416.33 on Monday, the same range it revolved before the close of business last week Friday.

Forex supply plummeted by 68.9 per cent with $202.06 million posted on Monday as against the $119.64 million recorded in the previous session on Friday last week.

In Uyo, black market traders exchanged the naira at N584.00 and sold within the range of N587.00 and N589.00 to a dollar on Monday.

Likewise, currency dealers at the Abuja street market said the currency was exchanged at N583.00 and sold at N586.00 to a dollar at the close of business on Monday.