Naira hits a four-month low in opposition to greenback

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Naira hit a 4 month low on Thursday, depreciating 0.30 per cent in opposition to the U.S. greenback on the official market.

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The forex which opened buying and selling at N416.50 closed at N420.00 to a greenback on the shut of enterprise on Thursday, knowledge printed by FMDQ, the place foreign exchange is formally traded confirmed.

This represents a N1.25 or 0.30 per cent devaluation from N418.75 it traded within the earlier market session on Wednesday.

The naira hovered inside an intraday excessive of N412.38 and slipped to a low of N444.00 earlier than closing at N420.00 per $1 on Thursday.

That is the weakest charge the naira exchanged formally with the greenback in almost 5 months after closing at N422.67 to a greenback on January 5, early this 12 months.

Throughout the previous 4 months, the forex has been buying and selling between the vary of N417.00-N419.00 and above mark earlier than settling at N420.00 on the shut of gross sales Thursday.

Foreign exchange provide jumped by 38.20 per cent with $160.00 million recorded on the shut of enterprise on Thursday in opposition to the $115.78 million posted within the earlier session Wednesday.

Equally, the native forex pushed in the direction of N600.00 to a greenback on the parallel market on Thursday.

Uyo forex sellers exchanged the naira at N592.00 and offered N596.00 to a greenback, whereas Abuja black market sellers at Wuse Zone 4 stated the forex was exchanged at N590.00 and offered at N593.00 per $1 on Thursday.

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