Naira sees another big drop against the dollar
The naira fell to an all-time low against the US dollar on Friday, depreciating 0.58% in the official market. The currency had a
Recorded a slight gain in the previous session on Thursday.
The local unit which opened trading at 437.00 naira, closed at 439.17 naira per dollar as of close of business on Friday, data released by FMDQ, where the forex is officially traded, showed .
During this period, the naira hovered in an intraday range of 422.00 naira (high) and fell to 450.00 naira before closing at 439.17 naira for $1 on Friday, with 99.7 million recorded as turnover in the foreign exchange market at the close of business. .
This is the lowest rate the Naira has traded in the spot market. It closed at N437.03 on Friday last week.
Meanwhile, currency volatility in the parallel market continued.
READ ALSO: Naira sees sharp drop after CBN interest rate hikeTraders at the Zone 4 market in Abuja said the currency was traded at 725.00 naira and sold at 728.00 naira per dollar on Friday, down from 730.00 naira and 735.00 per mark. $1 traded on previous days (Wednesday and Thursday).
"The price went down a bit today. I think it's because of the weekend and the Monday holiday," said one trader.
He said traders were afraid to buy dollars and hold them because they feared the price would drop by Monday next week.
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The naira fell to an all-time low against the US dollar on Friday, depreciating 0.58% in the official market. The currency had a
Recorded a slight gain in the previous session on Thursday.
The local unit which opened trading at 437.00 naira, closed at 439.17 naira per dollar as of close of business on Friday, data released by FMDQ, where the forex is officially traded, showed .
During this period, the naira hovered in an intraday range of 422.00 naira (high) and fell to 450.00 naira before closing at 439.17 naira for $1 on Friday, with 99.7 million recorded as turnover in the foreign exchange market at the close of business. .
This is the lowest rate the Naira has traded in the spot market. It closed at N437.03 on Friday last week.
Meanwhile, currency volatility in the parallel market continued.
READ ALSO: Naira sees sharp drop after CBN interest rate hikeTraders at the Zone 4 market in Abuja said the currency was traded at 725.00 naira and sold at 728.00 naira per dollar on Friday, down from 730.00 naira and 735.00 per mark. $1 traded on previous days (Wednesday and Thursday).
"The price went down a bit today. I think it's because of the weekend and the Monday holiday," said one trader.
He said traders were afraid to buy dollars and hold them because they feared the price would drop by Monday next week.
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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