Home Business Naira Loses Against Dollar At Official, Parallel Markets

Naira Loses Against Dollar At Official, Parallel Markets

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Naira Loses Against Dollar At Official, Parallel Markets

Naira Loses Against Dollar At Official, Parallel Markets

 

The Naira opened trading at N429.07 but closed at N430.67 to a dollar on Tuesday, depreciating 0.3 per cent from N429.43 it exchanged in the previous session on Monday, data published by FMDQ website where forex is officially, revealed.

Naira rose to an intraday high of N415.00 and oscillated to a low of N435.00 before closing at N430.67 at the close of business on Tuesday.

Forex exchange supplied within this period skyrocketed sharply by 8.5 per cent ($175.67 million) from $161.94 million recorded in the previous market segment on Monday.

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The last time the Naira closed at N430.67 to a dollar at the official window was on Tuesday last week— the weakest rate recorded that week.

The currency stumbled further against the dollar in the parallel market on Tuesday as demand increased.

At the Uyo and Abuja black market on Tuesday, dealers said they bought the dollar at N685.00 and sold it at N690.00 and N688.00 to a dollar respectively.

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“The price climbed a bit higher again today because there is demand for the dollar,” a currency dealer said

At the Abuja Zone 4 market, dealers said the anti-graft agency (EFCC) wants them to bring the Naira-dollar exchange rate down to N640.00 and N645.00.

“We are only exchanging discreetly at N685.00 but the EFCC wants us to bring it down,” a dealer at the Uyo black market said.

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