Naira loses at official market

The Nigerian currency fell slightly against the U.S. dollar on Monday at the official market, after the local unit recorded slight gains on Thursday and Friday last week.

The domestic currency which opened at N413.85 closed at N415.00 to a dollar at the close of business on Monday, data posted on the FMDQ securities exchange windows where forex is officially traded showed.

This represents a N0.27 or 0.07 per cent devaluation from the N414.73 rate to a dollar it exchanged on Friday last week.

Naira hit an intraday high of N404.00 and a low of N459.85 before closing at N415.00 per $1 on Monday, with $225.94 million recorded as forex turnover at the close of business of the day’s business.

At the black market in Uyo and Abuja, dealers said they exchanged the naira at N565.00 and sold between the range of N567 and N570.00 to a dollar on Monday, the same range the currency traded at the market segment last week Thursday and Friday respectively.

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