The naira loses even more in the official market amid liquidity shortages
The naira fell slightly against the US dollar at the Investors and Exporters counter on Friday, extending losses to two consecutive days in the spot market amid currency shortages across the country.
Data published on the FMDQ website, where forex is officially traded, showed the national currency closed at ₦461.75 for $1 on Friday, the last business day of this week.
>This translates to a depreciation of 0.35 naira or 0.08% from 461.40 naira to the dollar recorded in the previous Thursday session.
Data released revealed that the Naira opened the day's trading at N461:33 for $1, but traded within an intraday range of N446.00 (high) and touched a low of N462, 04 before settling at N461.75 on Friday. .
During the business period of the day, the official counter recorded 67.57 million dollars in foreign exchange turnover.
This week, the highest rate the naira has traded with the greenback is 461.35 naira to the dollar at which it closed on Wednesday, while the lowest rate at which the naira has plunged over the past the week is 462.00 naira per dollar traded on Monday. and Tuesday.
Meanwhile, the naira has appreciated significantly in the parallel market following the general elections and the continued shortage of liquidity in the country due to the implementation of the naira reform policy. Central Bank of Nigeria.
According to street currency dealers in Abuja, the naira was trading at N750.00 to the dollar on Friday, while operators at the Bureau De Change in Uyo said the naira was trading between N740 and N745.00 since Monday.
Currency traders said the dollar was traded at 740.00 naira for $1 on Friday and sold at 750.00 naira.
“People have been coming to change dollars since the beginning of this week. I think that's why the price has dropped from last week when we traded at 760.00 naira,” PREMIUM TIMES told PREMIUM TIMES a dealer in Uyo who simply identified himself as Shaibu.
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The naira fell slightly against the US dollar at the Investors and Exporters counter on Friday, extending losses to two consecutive days in the spot market amid currency shortages across the country.
Data published on the FMDQ website, where forex is officially traded, showed the national currency closed at ₦461.75 for $1 on Friday, the last business day of this week.
>This translates to a depreciation of 0.35 naira or 0.08% from 461.40 naira to the dollar recorded in the previous Thursday session.
Data released revealed that the Naira opened the day's trading at N461:33 for $1, but traded within an intraday range of N446.00 (high) and touched a low of N462, 04 before settling at N461.75 on Friday. .
During the business period of the day, the official counter recorded 67.57 million dollars in foreign exchange turnover.
This week, the highest rate the naira has traded with the greenback is 461.35 naira to the dollar at which it closed on Wednesday, while the lowest rate at which the naira has plunged over the past the week is 462.00 naira per dollar traded on Monday. and Tuesday.
Meanwhile, the naira has appreciated significantly in the parallel market following the general elections and the continued shortage of liquidity in the country due to the implementation of the naira reform policy. Central Bank of Nigeria.
According to street currency dealers in Abuja, the naira was trading at N750.00 to the dollar on Friday, while operators at the Bureau De Change in Uyo said the naira was trading between N740 and N745.00 since Monday.
Currency traders said the dollar was traded at 740.00 naira for $1 on Friday and sold at 750.00 naira.
“People have been coming to change dollars since the beginning of this week. I think that's why the price has dropped from last week when we traded at 760.00 naira,” PREMIUM TIMES told PREMIUM TIMES a dealer in Uyo who simply identified himself as Shaibu.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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