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Naira Slumps below at the official market


Data posted by FMDQ, where forex is officially traded, showed that the currency closed at N420.25 per $1 at the official market.

This implies a N0.50 or 0.12 per cent devaluation from N419.75 it exchanged in the previous session on Friday last week.

The currency, which opened trading at N420.10 to a dollar, hit an intraday high of N413.00 and a low of N444.00 before closing at N420.25 per $1 on Monday, the first business day of the week.

Foreign exchange fell by 73.50 per cent with $49.24 million recorded at the close of business on Monday against the $185.85 million posted in the previous session Friday last week.

ALSO READ  Naira to dollar stable at official forex market

In Uyo, black market traders exchanged a dollar at N600.00 and sold at N603.00 on Monday evening.

“we exchanged the dollar at n603.00 and sold at N607.00 in the morning, but it dropped to N600.00 by afternoon and that is how it is this evening,” a currency dealer who identfied himself as Shuaibu said.

In the Zone 4 black market in Abuja, currency dealers said naira was exchanged at N595.00 and sold N597.00 per $1 on Monday.

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