Naira slips at official market

Naira fell slightly against the U.S dollar on Friday, a day after it clinched a meagre gain at the spot market following its all-time low record on Wednesday.

The local unit opened at N433. 83 per $1 but closed at N436.33 depreciating 0.002 per cent from N436.32 it traded in the previous session on Thursday, data published on FMDQ website, where forex is officially traded, showed.

The currency jumped to an intraday high of N425.00 and decreased to a low of N437.50 before closing at N436.33 per $1 on Friday, the last business day of this week.

Within the week, Naira traded between the market range of N434.00 and N436.00 and above mark, hitting an all-time low of N436.50 on Wednesday at the authorised window.

The strongest rate the domestic unit traded within the week is N434.75 to a dollar that was recorded on Monday, and it depreciated by 0.4 per cent within this period to close trading at N436.33 to a dollar at the last business day of the week today.

Likewise, the Naira depreciated further in the street market on Friday, a review of currency rates across states revealed.

At the Uyo black market, currency dealers exchanged the dollar at N703.00 and sold N707.00 to a dollar, while Abuja parallel market currency dealers said they bought the dollar at N702.00 and sold N705.00 to a dollar within this period.

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