Naira fell significantly against the U.S. dollar at the official market on Friday, after the currency maintained stability in the past two market segments.
The domestic currency exchanged hands with the hard currency at N415.10 to a dollar at the close of business on Friday, data fromNaira’s performance on Friday implies a N0.93 or 0.22 per cent depreciation from N414.73 it closed in the last two previous sessions . It experienced an intraday high of N404.57 and a low of N444.00, before closing at N415.10 to a dollar on Friday, recording a foreign exchange turnover of $90.70 million.
It will fall because the only source of Forex into the economy is crude oil export. Gold from Zamfara could be exported in enough quantities to increase inflows but no Minister, No Governor,not even the FEC has had the courage to discourage the mining of gold for private profit.