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Naira down to three-month low against dollar

Naira down to three-month low against dollar

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.


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Source: Culled From Premium Times.

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