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Business News of Tuesday, 10 January 2023


Naira stable at official market

Naira and Dollar notes Naira and Dollar notes

Naira recorded no significant movement against the United States dollar at the authorised market on Monday, January 9.

According to data published on the FMDQ website where forex is officially traded, the naira closed at N461.67 per dollar on Monday, the same rate it traded last Friday

This implies a 0.04 per cent depreciation from N461.50 it closed on Friday 30 December the last day of business in 2022.

The local currency which opened at N459.33 touched an intraday high of N426.00 and stooped to a low of N462.00 to a dollar at the spot market on Monday before settling at N461.67.

Within this period, the market foreign exchange turnover is pegged at $47.13 million, the FMDQ data showed.

In the parallel market, currency dealers in Abuja said the dollar was exchanged at N738.00 and above and sold for N742.00 and above, as against the N735.00 per dollar it traded last week.

Last year, the Nigerian naira recorded a significant depreciation across foreign exchange markets (Official and Black markets) due to a sudden surge in demand for the greenback currency.

The naira closed the year exchanging hands with the greenback currency at N461.50 per dollar at the official window at the close of business on Friday last week, translating to a 6.1 per cent depreciation from the N435.00 per dollar the currency was exchanged at the close of sales in December 2021.