Nigeria: Naira Falls At Official Market

11 January 2023

Naira depreciated against the U.S dollar by 0.09 per cent on Wednesday.

Naira weakened slightly against the United States dollar at the Investors and Exporters segment on Wednesday, a day after it recorded a marginal gain at the spot market.

The local unit depreciated by 0.09 per cent to close the day's market at N461.90 per dollar as against N461.50 it exchanged in the previous session on Tuesday.

According to data published on the FMDQ website, where forex is officially traded, the naira experienced an intra-day high of N440.00 and plummeted to a low of N462.00 per dollar before closing at N461.90 at the close of business on Wednesday.

Foreign exchange supply within the market on Wednesday was up 28.6 per cent with $151.26 million traded as against $117.63 million posted in the previous session on Tuesday.

In Uyo, Akwa Ibom State, currency dealers said they exchanged the naira at N743.00 and sold at N746.00 to a dollar. Likewise, currency dealers in Abuja said the dollar was exchanged at N740.00 and sold for N742.00 and above, nearly the same rate it traded at the unauthorised window in the previous market session on Tuesday.

Wednesday's market rates put the spread between the official and unofficial market at N281.00, with a margin of 60.95 per cent at the close of business.

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