Market News

Dollar supply at the official market rose nonetheless.

By Abdulkareem Mojeed

Naira fell marginally against the U.S. dollar at the official market on Monday, as the official market witnessed a sharp increase in foreign exchange supply from what was recorded in the previous session Friday last week.

At the close of business on Monday, FMDQ securities exchange window, also known as the Investor and Exporters (I&E) window where forex is officially traded showed naira closed at N414.40 per $1.

This implies a N0.1 or 0.02 per cent depreciation from N414.30 it exchanged in the previous session on Friday last week.

The currency’s performance became evident as forex turnover increased by 48.22 per cent with $184.31 recorded as against the $124.35 million posted on Friday last week.

Naira hit an intraday high of N404.00 and oscillated to a low of N420.50 before closing at N414.40 per $1 on Monday.

At the black market in Abuja, dealers exchanged the naira at N575.00 per $1 on Monday, while dealers in Uyo said the currency exchanged at N570.00 to a dollar in the morning.

At noon, the dealers said they were sceptical to purchase the hard currency because the price was fluctuating.

“Dollar had no fixed price as of the close of business today in Uyo, because we are afraid that the currency might crash. We are waiting to know how much it would trade tomorrow, but we sold in the morning at N570.00 to a dollar today,” a dealer who does not want his name mentioned told PREMIUM TIMES via telephone.