Market News

Naira extends losses on official market - PREMIUM TIMES

JANUARY 25, 2023

In Uyo, currency dealers said the rate stood at N744.00 per dollar against the greenback

By Abdulkareem Mojeed

Naira extended losses against the United States dollar at the Investors and Exporters window on Tuesday as the currency exchanged against the greenback at N462.00.

This translates to a N0.39 or 0.08 per cent depreciation at N461.61 per dollar it traded in the previous session on Monday.

According to data published on FMDQ website, where forex is officially traded, the domestic unit reached an intra-day high of N440.00 and a low of N463.00 per dollar before settling at N462.00 at the close of market Tuesday.

The official window experienced a decrease in foreign exchange turnover by 15.61 per cent, with $112.04 million recorded on Tuesday as against the $132.77 million posted in the previous session on Monday.

The Nigerian local unit depreciated further in the parallel market on Tuesday amidst lingering forex scarcity and spike in demand.

In Uyo, currency dealers at the Udi street market said the currency was exchanged at N744.00 per dollar and sold at N750.00 to a dollar on Tuesday, as against the N743.00 per $1 it exchanged for on Monday.

In Abuja zone 4 market, currency dealers said the dollar was exchanged at N743.00 and sold for N745.00 and above, on Tuesday.


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