Sun. Jun 23rd, 2024

Naira Keeps Dipping Against Dollar.

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Nigeria local currency Naira pushed towards N620.00 to a dollar at the peer to peer market on Saturday.

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Currency dealers in Lagos, Nigeria’s economic hub, exchanged the naira at N600.00 and sold N610.00 to a dollar, while Abuja black market dealers at Wuse Zone 4 said the currency was exchanged at N599.00 and sold at N603.00 per $1 on Saturday.

Naira hit a four-month low Thursday, depreciating 0.30 per cent against the U.S. dollar at the official market.

The currency which opened trading at N416.50 closed at N420.00 to a dollar at the close of business on Thursday, data published by FMDQ, where forex is officially traded showed.

This represents a N1.25 or 0.30 per cent devaluation from N418.75 it traded in the previous market session on Wednesday.

The naira hovered within an intraday high of N412.38 and slipped to a low of N444.00 before closing at N420.00 per $1 on Saturday.

This is the weakest rate the naira exchanged officially with the dollar in nearly five months after closing at N422.67 to a dollar on January 5, early this year.

Within the past four months, the currency has been trading between the range of N417.00-N419.00 and above mark before settling at N420.00 at the close of sales Thursday.

Forex supply jumped by 38.20 per cent with $160.00 million recorded at the close of business on Saturday against the $115.78 million posted in the previous session Friday.

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