Nigeria: Naira Down to Three-Month Low Against Dollar

At the parallel market in Abuja, dealers exchanged the naira at N583.00 and sold at N585.00 to a dollar on Wednesday.

Naira touched a three-month-low Wednesday, falling 0.32 per cent against the U.S. dollar at the official market.

The currency closed at N418.33 to a dollar on the second day of business following the Easter break, according to data published by FMDQ, where forex is officially traded.

This represents a N1.33 decline from N417.00 it exchanged in the previous session on Tuesday.

It is the weakest rate the naira exchanged officially with the dollar in the past three months. Its lowest was on January 5 when it closed at N422.67 to a dollar.

Within the past three months, the local unit has been hovering within the range of N416.00- N417.00 and above mark amidst fluctuating forex supply and market sentiments.

The naira, which opened trading at N418.25 per $1, reached an intraday high of N410.00 and a low of N444.00 before closing at N418.33 on Wednesday.

Foreign exchange turnover dipped slightly by 2.90 per cent with $151.07 million recorded as forex turnover at the close of business on Wednesday against $155.44 million posted on Tuesday.

At the parallel market in Abuja, dealers exchanged the naira at N583.00 and sold at N585.00 to a dollar on Wednesday.

AllAfrica publishes around 700 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X