Naira depreciates at official market
Naira recorded a marginal loss against the United States dollar at the authorised market on Monday, data published on the FMDQ website, where forex is officially traded, revealed.
According to the market data posted, the Nigerian naira which opened trading at N461.50 to a dollar closed at N461.67 per $1 on Monday.
Within the day’s business hours, the local currency experienced an intraday high of N445.96 and dropped to a low of N462.50 per dollar before it eventually closed at N461.67/$1.
The rate reflects a N0.17 or 0.04 per cent depreciation from N461.50 to a dollar the domestic unit traded in the previous session last week Friday.
Amidst the lingering cash crunch in the country, the foreign currency inflows into the Nigerian Autonomous )Foreign Exchange Fixing (NAFEX market is pegged at $77.64 million on Monday.
READ ALSO: UPDATED: Though Nigerians are suffering, they support Buhari’s naira policy – Presidency
At the unauthorised market, currency traders in Uyo said the dollar was exchanged at N743.00 and sold at N745.00 on Monday.
This is a N2.00 appreciation from N745.00 per $1 the currency exchanged against the greenback last Friday.
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Naira recorded a marginal loss against the United States dollar at the authorised market on Monday, data published on the FMDQ website, where forex is officially traded, revealed.
According to the market data posted, the Nigerian naira which opened trading at N461.50 to a dollar closed at N461.67 per $1 on Monday.
Within the day’s business hours, the local currency experienced an intraday high of N445.96 and dropped to a low of N462.50 per dollar before it eventually closed at N461.67/$1.
The rate reflects a N0.17 or 0.04 per cent depreciation from N461.50 to a dollar the domestic unit traded in the previous session last week Friday.
Amidst the lingering cash crunch in the country, the foreign currency inflows into the Nigerian Autonomous )Foreign Exchange Fixing (NAFEX market is pegged at $77.64 million on Monday.
READ ALSO: UPDATED: Though Nigerians are suffering, they support Buhari’s naira policy – Presidency
At the unauthorised market, currency traders in Uyo said the dollar was exchanged at N743.00 and sold at N745.00 on Monday.
This is a N2.00 appreciation from N745.00 per $1 the currency exchanged against the greenback last Friday.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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