Market News

Naira declined to N461.50 on the spot market on Monday

By Abdulkareem Mojeed

Naira weakened slightly against the United States dollar to trade at N461.50 per dollar at the official market on Monday.

Data from the FMDQ securities exchange window where forex is officially traded showed that the rate reflected a N0.17 or 0.04 per cent decline from N461.33 the local currency traded last Friday.

According to the market data posted, the naira experienced an intraday low of N462.42 per dollar and a high of N460.00 before it closed at N461.50 per $1 on Monday, the same rate it traded last Wednesday.

The spot market segment recorded $101.77 million as foreign exchange turnover within the business period on Monday, the FMDQ data revealed.

Similarly, the naira fell significantly against the greenback at the unauthorised window on Monday.

Market rates collated across States on Monday showed that the dollar was exchanged at N743.39 per $1.

This represents a N3.29 or 0.44 per cent depreciation from N740.10 per $1 it exchanged in the previous market window last Friday.

The spread between the authorised and unauthorised markets stood at N281.89, leaving a margin of 61.1 per cent at the close of business on Monday.