Market News

The currency has failed to make quality gain at the black market too.

By Abdulkareem Mojeed

Naira fell against the U.S. dollar at the official market on Thursday, after it clinched a meagre gain in the last two trading sessions of the segment.

According to data posted on the FMDQ securities exchange where forex is officially traded, naira closed at N413.68 per $1.

Thursday’s performance implies a N0.50 or 0.12 per cent depreciation from N413.18 it exchanged on Wednesday.

Foreign exchange supply fell 23.50 per cent with $175.86 million recorded against the $229.72 million posted in the previous session on Wednesday.

The domestic currency experienced an intraday high of N404.00 and a low of N415.00 before closing at N413.68 per $1 on Thursday.

At the black market, the exchange rate hovered around N565.00 and N575.00 a dollar across major states in Nigeria on Thursday.

Forex dealers in Lagos, Abuja, Port Harcourt and Uyo said the rates kept fluctuating based on the demand and supply.

According to dealers in Abuja and Port Harcourt, naira exchanged hands with the greenback currency at a low of N570.00 per $1 in the morning before oscillating to a high of N565.00 at the close of business on Thursday.

It sold for N575.00 per $1 in the morning in Uyo and N570.00 later in the evening.

At Lagos, dealers said the currency exchanged with the dollar at N568.00 on Thursday.