The naira hit a four-month low Thursday, depreciating 0.30 per cent against the U.S. dollar at the official market.
The currency which opened trading at N416.50 closed at N420.00 to a dollar at the close of business on Thursday, data published by FMDQ, where forex is officially traded showed.
This represents a N1.25 or 0.30 per cent devaluation from N418.75 it traded in the previous market session on Wednesday.
The naira hovered within an intraday high of N412.38 and slipped to a low of N444.00 before closing at N420.00 per $1 on Thursday.
This is the weakest rate the naira exchanged officially with the dollar in nearly five months after closing at N422.67 to a dollar on January 5, early this year.
Within the past four months, the currency has been trading between the range of N417.00-N419.00 and above mark before settling at N420.00 at the close of sales Thursday.
Forex supply jumped by 38.20 per cent with $160.00 million recorded at the close of business on Thursday against the $115.78 million posted in the previous session Wednesday.
Similarly, the local currency pushed towards N600.00 to a dollar at the parallel market on Thursday.
Uyo currency dealers exchanged the naira at N592.00 and sold N596.00 to a dollar, while Abuja black market dealers at Wuse Zone 4 said the currency was exchanged at N590.00 and sold at N593.00 per $1 on Thursday.
What is the Dollar to Naira Exchange rate at the black market also known as…
The Federal Government has approved a substantial increase in salary ranging from 25% to 35%…
Naira lost 5.8% value against the US Dollar in April 2024 despite raising hopes. …
Governor Ademola Adeleke of Osun State says he has not taken any loan since he…
Happy New Month! Inspiring Messages, Wishes, and Quotes for May 2024 can be accessed below…
Gunmen suspected to be kidnappers have abducted four residents in the Bmuko community, Dutse Baupma…