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Naira loses at official market

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The currency has strengthened at the parallel market.

Naira fell against the U.S. dollar at the official market on Monday, after the domestic currency recorded gains in the last two market sessions of the spot market.securities exchange windows where forex is officially traded showed that the naira closed at N415.07 to a dollar on Monday.

This implies a N0.67 or 0.20 per cent devaluation from the N414.40 rate it exchanged nine the previous session on Friday last week. The naira reached an intraday high of N404.00 and a low of N453.10 before closing at N415.07 per $1 on Monday, with $149.53 million recorded as forex turnover. At the black market in Uyo, dealers said they exchanged the currency at N552.00 and sold at N556.00 per $1 on Monday, while in Abuja, dealers exchanged the hard currency at N555.00 and sold at N557.00 per $1.

 

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