Naira hits a four-month low in opposition to greenback


Naira hit a 4 month low on Thursday, depreciating 0.30 per cent in opposition to the U.S. greenback on the official market.

The foreign money which opened buying and selling at N416.50 closed at N420.00 to a greenback on the shut of enterprise on Thursday, knowledge printed by FMDQ, the place foreign exchange is formally traded confirmed.

This represents a N1.25 or 0.30 per cent devaluation from N418.75 it traded within the earlier market session on Wednesday.

The naira hovered inside an intraday excessive of N412.38 and slipped to a low of N444.00 earlier than closing at N420.00 per $1 on Thursday.

That is the weakest charge the naira exchanged formally with the greenback in almost 5 months after closing at N422.67 to a greenback on January 5, early this yr.

Inside the previous 4 months, the foreign money has been buying and selling between the vary of N417.00-N419.00 and above mark earlier than settling at N420.00 on the shut of gross sales Thursday.

Foreign exchange provide jumped by 38.20 per cent with $160.00 million recorded on the shut of enterprise on Thursday in opposition to the $115.78 million posted within the earlier session Wednesday.

Equally, the native foreign money pushed in direction of N600.00 to a greenback on the parallel market on Thursday.

Uyo foreign money sellers exchanged the naira at N592.00 and bought N596.00 to a greenback, whereas Abuja black market sellers at Wuse Zone 4 stated the foreign money was exchanged at N590.00 and bought at N593.00 per $1 on Thursday.

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