Naira depreciates against dollar at Official, black markets

Naira Depreciates against the dollar hovering between N730.00 and N750.00 to a dollar

Naira weakened against the U.S. dollar on Wednesday, depreciating by 0.94 per cent.

This is as the naira exchange rate in the open market has been hovering within the rate of N730.00 and N750.00 to a dollar fortnightly.

Newsonline reports that data published by FMDQ where forex is officially traded, the naira closed at N450.58 per dollar on Wednesday with $141.92 million recorded as forex turnover within the business day.

At the authorised window, the local currency hovered within an intraday range of N452.00 (low) and a high of N426.00 per dollar before settling at N450.58 per $1 on Wednesday.

The strongest rate the local unit has traded at the Investor’s window this week is N446.00 it exchanged on Monday. However, the naira has been trading within the range of N440 and above at the official market over the last two months.

At the open market, however, it has been hovering within the rate of N730.00 and N750.00 to a dollar fortnightly.

Although this is about 18.0 per cent appreciation from the N880.00 and above rate it was exchanged after the CBN announced the naira redesign policy over a month ago.

Checks with currency dealers by NewsOnline Nigeria on Wednesday showed an unauthorized market rate closed between N735.00 and N750.00 per $1 across states on Wednesday.

Currency dealers at the Abuja zone 4 market, said the dollar was exchanged at N735.00 and sold at N740.00 and above on Wednesday, as against N730.00 and above it traded on Tuesday.

Also, at the Uyo Udi street market, currency dealers said the dollar was exchanged at N745.00 and sold at N750.00 per $1.