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Business News of Saturday, 13 November 2021


Naira falls at official market

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Naira fell significantly against the U.S. dollar at the official market on Friday, after the currency maintained stability in the past two market segments.

The domestic currency exchanged hands with the hard currency at N415.10 to a dollar at the close of business on Friday, data from FMDQ securities exchange windows where forex is officially traded showed.

Naira’s performance on Friday implies a N0.93 or 0.22 per cent depreciation from N414.73 it closed in the last two previous sessions (Wednesday and Thursday).

It experienced an intraday high of N404.57 and a low of N444.00, before closing at N415.10 to a dollar on Friday, recording a foreign exchange turnover of $90.70 million.

At the black market in Abuja, dealers said they exchanged the currency at N540.00 and sold within the range of N5450.00 and N546.00 to a dollar on Friday.