Nigeria: Naira Weakens At Official Market

14 January 2023

Naira depreciated by 0.16 per cent against the United States dollars at the Investors and Exporters window on Friday after it recorded a minor gain at the authorised 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 per cent 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 authorised 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.

AllAfrica publishes around 600 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 as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.