The naira fell slightly against the United States dollar in the Investors and Exporters segment, on Wednesday, a day after recording marginal gains in the spot market.
The local unit depreciated by 0.09 percent to close the day at N461.90 per dollar as against N461.50 exchanged in the previous session on Friday.
According to data published in FMDQ websitewhere forex officially traded, the naira hit an intra-day high of N440.00 and fell as low as N462.00 per dollar before closing at N461.90 at the close of business on Wednesday.
Foreign exchange supply in the market on Wednesday rose 28.6 percent with $151.26 million traded against $117.63 million posted in the previous session on Tuesday.
In Uyo, Akwa Ibom State, currency traders said they exchanged naira at N743.00 and sold it at N746.00 to the dollar. Also, currency traders in Abuja said the dollar was exchanged at N740.00 and sold for N742.00 and above, almost the same as it was traded at the illegal window in the previous market session on Tuesday.
Wednesday’s market rates put the spread between the official and unofficial markets at N281.00, with a margin of 60.95 percent at the close of business.
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