Home News Naira dips at official market as dollar supply improves by 86%

Naira dips at official market as dollar supply improves by 86%

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Factual Pursuit of Truth for Progress

 

On Thursday, the Naira depreciated against the US dollar to close at N415.05/$1.

This implies a 0.2% drop when compared to the N414.25 that was recorded in the previous trading sessions as the pressure on the country’s external reserves continued with a decline of $24 million.

Also, the naira depreciated marginally against the US dollar on Thursday as it closed at N572.5/$1. This represents a 50 kobo drop when compared to the N572/$1 that was recorded in the previous trading session.

This is according to information obtained from BDC operators.

The local currency fell at the official market despite 86.4% improvement in dollar supply during Thursday’s trading session.

At the official NAFEX window, the exchange rate at the Investors and Exporters window depreciated to close at N415.05/$1 on Thursday, representing an 80 Kobo drop when compared to the N414.25/$1 that was recorded at the last trading session.

The opening indicative rate depreciated to close at N414.13/$1 on Thursday, December 16, which represents a 26 kobo drop when compared to the N413.87/$1 that was recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N415.05/$1, while it sold for as low as N405/$1 during intra-day trading.

Forex turnover at the official window also rose by 86.4% to trade at $331.11 million on Thursday.

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