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Business News of Tuesday, 14 March 2023


Naira depreciates at official market

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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.

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.