Naira plunges at official market

1 month ago 35

Naira fell marginally against the U.S. dollar at the official market on Thursday, after the currency appreciated for three consecutive sessions on a stretch at the market segment.

The currency traded with the foreign currency at N415.07 to a dollar, which implies a N1.00 or 0.24 per cent depreciation from the N414.07 rate it exchanged on Wednesday, FMDQ securities exchange data showed.

Forex turnover at the spot market plummeted by 69.20 per cent with $103.16 million recorded on Thursday as against the $334.97million posted at the close of business in the previous session on Wednesday.

The local unit staged an intraday high of N405.00 and a low of N424.25 before closing at N415.07 to a dollar on Thursday.

The currency last closed at the N415.00 and above mark on October 13 when it closed at N415.10 to a dollar.

At the black market in Abuja, dealers exchanged the naira at the rate of N570.00 and sold at N578.00 to a dollar on Thursday.

While at Uyo, dealers said they exchanged the currency at N565.00 and sold at N568.00 to a dollar on Thursday.

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