Panic As Naira Falls Dip To US Dollar At Official Window

Panic As Naira Falls Dip To US Dollar At Official Window—The Genius Media Nigeria reports that Naira fell slightly against the U.S dollar at the official market on Friday, a day after it clinched a marginal gain at the spot market.

The currency closed at N415.10 to a dollar on Friday, which implies a N0.37 or 0.10 per cent devaluation from the N414.73 rate it exchanged in the previous session on Thursday.

Data published on FMDQ securities exchange windows where forex is officially traded showed that naira hovered within the range of N405.00 (high) and N444.00 ( low) before closing at N415.10 per $1 on Friday.

 

Foreign exchange supply increased by 56.25 per cent, with $168.62 million recorded at the close of trade on Friday against the $107.92 million published in the previous session on Thursday.

At the black market in Uyo, dealers exchanged the naira with the greenback at N555.00 and sold at N560.00 per $1.

“Market went bad today because of Christmas, the price dropped,” a dealer who identified himself simply as Shuaibu said.

At the black market in the street of Abuja, dealers exchanged the local unit at N565.00 and sold at N567.00 to a dollar.