The naira on Thursday fell to N462.00 per dollar in the official market, a day after recording slight gains in the spot market.
The local currency has seen a decline in the legal and illegal markets in recent months, amid shortages of the dollar and naira due to the Central Bank of Nigeria’s currency redesign policy.
Market data released Thursday revealed that in the day’s business session, the local currency hit N462.11 per dollar, down from N461.50. It then rose to a high of N446.00 before closing at N462.00 on Friday.
The rate represents a 0.20 percent depreciation from N461.09 per naira dollar traded in the previous session on Wednesday.
The domestic unit fell against the greenback on Thursday after the entry of foreign currency into the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) market fell by 31.3 percent ($97.78 million) in the Over-The-Counter segment compared to $142.25 million recorded in previous. Wednesday session.
In the parallel market, the rates collected between the countries show that the dollar is exchanged at N740.65 per $1 there.
Thursday March, 11:05:01
šµ 1 USD >>>>> ā¦ 740,645
š· 1 GBP >>>>> ā¦910,377
š¶ 1 EUR >>>>> ā¦ 799,622v1.0.6
ā ā¦air Rates (@naira_rates) March 16, 2023
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