The naira weakens again against the dollar in the official market
The naira depreciated against the US dollar in the official market on Friday, a day after the currency posted a marginal gain in the spot market.
The currency fell 0.66% to 429.00 naira per dollar on Friday, compared to 426.20 naira traded on the Nafex window in the previous session on Thursday, according to data published on the FMDQ website where forex is officially traded.
Before the close of business on Friday, the national currency hit a high of 406.00 naira and crashed to a low of 444.00 naira before closing at 429.00 naira on the authorized exchange market.
On the Uyo black market, traders said they bought the dollar at 690.00 naira and sold it at 700.00 naira to the dollar, while exchangers in Abuja said the naira was traded at 700.00 naira for $1 on Friday.
ALSO READ: Naira Fall: EFCC Raids Bureau de Change Operators Quarter in AbujaWhile some analysts have blamed the continued weakening of the naira on rising import bills, dollar savings and the hoarding of cryptocurrencies by Nigerians who have lost confidence in the local unit in due to its massive devaluation against the greenback, some have blamed the recent collapse on the Central Bank of Nigeria's tight foreign exchange policy.
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The naira depreciated against the US dollar in the official market on Friday, a day after the currency posted a marginal gain in the spot market.
The currency fell 0.66% to 429.00 naira per dollar on Friday, compared to 426.20 naira traded on the Nafex window in the previous session on Thursday, according to data published on the FMDQ website where forex is officially traded.
Before the close of business on Friday, the national currency hit a high of 406.00 naira and crashed to a low of 444.00 naira before closing at 429.00 naira on the authorized exchange market.
On the Uyo black market, traders said they bought the dollar at 690.00 naira and sold it at 700.00 naira to the dollar, while exchangers in Abuja said the naira was traded at 700.00 naira for $1 on Friday.
ALSO READ: Naira Fall: EFCC Raids Bureau de Change Operators Quarter in AbujaWhile some analysts have blamed the continued weakening of the naira on rising import bills, dollar savings and the hoarding of cryptocurrencies by Nigerians who have lost confidence in the local unit in due to its massive devaluation against the greenback, some have blamed the recent collapse on the Central Bank of Nigeria's tight foreign exchange policy.
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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