Naira weakens at official market

Naira depreciated by 0.16 percent against the United States dollars at the Investors and Exporters window on Friday after it recorded a minor gain at the authorized market on Thursday.

The Nigerian currency which commenced trading at N461.20 per dollar on Friday closed the day’s market at N461.90 per dollar as against N461.50 it traded in the previous session on Thursday.

Data published on FMDQ website, where forex is officially traded, indicated that the naira touched an intraday high of N440.00 and declined to a low of N462.00 per dollar before closing at N461.90 at the close of business on Friday.

Meanwhile, foreign exchange supply within the market during this period dipped by 23.23 percent with $72.18 million posted as against $63 million recorded in the previous session on Thursday.

The strongest rate the naira traded this week at the authorized market is N461.17 recorded Tuesday, the weakest rate the local unit exchanged this week was N461.90.

In Uyo, currency dealers said they exchanged the naira at N740.00 and sold at N743.00 to a dollar. Likewise, currency dealers in Abuja said the dollar was exchanged at N740.00 and sold for N742.00 and above, on Friday.