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Naira falls at official market

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Naira fell to its lowest at the black market since the CBN shut down Abokifx.

recorded a meagre devaluation against the U.S. dollar at the official market on Thursday, a day after it clinched a slight gain at the spot market segment.website where forex is officially traded, showed the local currency closed at N416.67 to a dollar at the close of trade on Thursday.

Naira oscillated to an intraday high of N410.00 and a low of N444.00 before closing at N416.67 on Thursday. The same range it has been trading since the opening of business this week. By this, the currency has strengthened by 4.4 per cent so far after it recorded an all-time low in December last year when the naira closed at N435.00 on the dot.

“The selling price is not stable today at all. Traders were selling as it pleased them. The market was just somehow. I sold it at N580.00 today,” a dealer who identified himself as Shuaibu told PREMIUM TIMES in an interview.

 

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