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Naira falls against dollar at official market

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Naira fell by 0.12 per cent against the dollar at the Nafex window on Monday

, where forex is officially traded, showed that the currency closed at N420.25 per $1 at the official market.

This implies a N0.50 or 0.12 per cent devaluation from N419.75 it exchanged in the previous session on Friday last week. The currency, which opened trading at N420.10 to a dollar, hit an intraday high of N413.00 and a low of N444.00 before closing at N420.25 per $1 on Monday, the first business day of the week.

Foreign exchange fell by 73.50 per cent with $49.24 million recorded at the close of business on Monday against the $185.85 million posted in the previous session Friday last week.READ ALSO:“We exchanged the dollar at N603.00 and sold at N607.00 in the morning, but it dropped to N600.00 by afternoon and that is how it is this evening,” a currency dealer who identified himself as Shuaibu told PREMIUM TIMES.

In the Zone 4 black market in Abuja, currency dealers said naira was exchanged at N595.00 and sold N597.00 per $1 on Monday.

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