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Business News of Saturday, 3 September 2022


Naira down at official market

Naira and dollar notes Naira and dollar notes

Naira fell significantly against the U.S. dollar at the official forex market on Friday, stretching the local currency’s depreciation run to two consecutive days at the spot market this week.

According to data published by FMDQ website where forex is officially traded, Naira commenced trading at N429.10 but closed at N431.50 to a dollar on Friday, as against the N430.00 it exchanged at the previous session on Thursday.

This implies a N1.50 or 0.34 per cent devaluation from N430.00 it exchanged hands with the greenback currency in the previous session on Thursday.

The Naira rose to an intraday high of N418.00 and slipped to a low of N444.00 before settling at N431.50 at the close of sales on Friday, with $93.54 million recorded as Foreign exchange turnover within this period.

At N431.50 to a dollar, the exchange rate was the weakest rate the naira traded this week, while N429.44 it closed at on Wednesday is the strongest rate the Naira exchanged within this period.

Similarly, the Naira fell marginally against the dollar in the parallel market on Friday, black market exchange rates reviewed across major States showed.

At the Uyo and Abuja black markets, currency dealers said they bought the dollar at N695.00 and sold within the range of N699.00 and N700.00 to a dollar respectively, implying a N1.0 or 0.14 per cent devaluation since the beginning of trading this week.