Sunday, October 24th, 2021

Naira weakened significantly against the U.S. dollar at the official market.

Naira weakened significantly against the U.S. dollar at the official market.

Naira weakened significantly against the U.S. dollar at the official market Friday, reaching its lowest rate in that market, even as foreign exchange supply rose marginally. Data from the FMDQ securities exchange window where forex is officially traded showed that naira closed at N414.90 per $1, the lowest it has ever traded at the so-called

Naira weakened significantly against the U.S. dollar at the official market Friday, reaching its lowest rate in that market, even as foreign exchange supply rose marginally.

Data from the FMDQ securities exchange window where forex is officially traded showed that naira closed at N414.90 per $1, the lowest it has ever traded at the so-called Investors and Exporters window.

The currency’s performance on Friday represents N1.22 or 0.30 percent devaluation from N413.68 it exchanged on Thursday.

Forex turnover dipped by 10.10 percent with $193.59 million recorded against the $175.86 million posted in the previous session on Thursday.

Naira staged an intraday high of N400.00 and a low of N415.20 before closing at N414.90 per $1 on Friday.

This is coming just a week after the CBN expanded its clampdown on those it claimed contributed to the currency’s rapid decline in recent months.

The central bank initially stopped sales of forex to Bureaux De change operators and last week forced abokiFX to stop publishing black market rates.

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