Naira losses at official market

3 weeks ago 20

Naira fell further against the U.S. dollar at the official market on Tuesday, after the currency witnessed a significant loss at the market segment in the previous session on Monday.

The local unit exchanged hands with the foreign currency at N415.07 to a dollar on Tuesday, data from FMDQ securities exchange windows where forex is officially traded showed.

The performance of the domestic currency on Tuesday represents a N0.52 or 0.13 per cent depreciation from N414.55 it exchanged in the previous session on Monday.

Naira which opened at N413.57 to a dollar experienced an intraday high of N404.00 and a low of N444.00, before closing at N415.07 to a dollar on Tuesday, recording a foreign exchange turnover of $92.38 million.

At the black market in Uyo, dealers said they exchanged the currency at N545.00 and sold at N550.00 to a dollar on Tuesday, while at Abuja, dealers exchanged the naira at N552.00 and sold at N555.00 to a dollar on Tuesday.

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“The market has scattered, dollar crashed today and I am not happy because I bought at higher rate,” a dealer in Uyo who did not want his name mentioned, said.

The spread between both markets (official and unofficial) is pegged at N136.93 (N552) or 129.93 (N545), leaving a margin of 23.54 or 23.84 per cent at the close of business on Tuesday.

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