Naira loses at official market

Naira fell against the U.S. dollar at the official market on Wednesday, extending its decline to two consecutive days.

At the close of business on Wednesday, the naira closed at N419.33 to a dollar, implying a N0.83 or 0.2 per cent loss from N418.50 it exchanged hands with the hard currency in the previous session on Tuesday, data published by FMDQ, where forex is officially traded showed.

The domestic unit which opened trading at 418.38 to a dollar, oscillated to an intraday high of N410.00 and a low of N444.00 before closing at N419.33 per $1 on Wednesday.

This is the weakest rate the naira has recorded at the Over-the-counter segment this week.

Meanwhile, foreign exchange supply dipped by 24.6 per cent with $82.56 million recorded at the close of business on Wednesday, against the $109.43 million posted in the previous session on Tuesday.

Abuja and Uyo street market dealers exchanged the naira at N586.00 to a dollar and sold at N588 and N593.00 to a dollar on Wednesday respectively.