Nigeria: Naira Falls to New Low Against Dollar

Naira fell to a new six-month low against the dollar at the Nafex window on Friday.

Naira weakened further on Friday, falling 1.34 per cent against the U.S. dollar to its lowest known level ever.

According to data published by FMDQ, where forex is officially traded, naira which opened trading at N426.63 closed at N430.33 to a dollar on Friday.

This implies a N5.71 or 1.34 per cent devaluation from N424.62 posted in the previous market session on Thursday.

The domestic currency hit an intraday high of N414.00 and touched a low of N444.00 before settling at N430.33 per $1 at the close of business on Friday.

This is the weakest rate the naira has exchanged this year since it closed at N430.00 to a dollar last Tuesday.

Within the first half of the year, the currency has been trading between the range of N417 and N430 to a dollar before settling at N430.33 at the close of sales Friday, the last business day of this week.

Forex turnover increased slightly by 3.9 per cent with $63.19 million recorded at the close of business on Friday, against the $60.84 million posted in the previous session on Thursday.

However, the naira recorded no significant movement against the dollar within the last four business days at the back market.

At the Uyo street market, dealers exchanged dollars at N615.00 and sold at N620.00 to a dollar on Friday, the same rate it has been trading since Friday last week.


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