Again naira depreciate~details below
The naira is in no doubt gradually maintening it’s devaluation as Monday market experience a great fall at the closing market.
following the Monday market trading where the Naira fell marginally against the U.S. dollar at the official market, while the official market skyrocketed at a sharp increase in foreign exchange supply from the previous record at the last week Friday session.
The business on Monday closed at a great disparity, FMDQ securities exchange window, also known as the Investor and Exporters (I&E) window where forex is officially traded showed naira closed at N414.40 per $1.
This indicate that a N0.1 or 0.02 per cent depreciation from N414.30 it exchanged in the previous session on Friday last week.
The currency’s performance became evident as forex turnover increased by 48.22 per cent with $184.31 recorded as against the $124.35 million posted on Friday last week.
Naira hit an intraday high of N404.00 and oscillated to a depreciation of N420.50 before closing at N414.40 per $1 on Monday.
At the black market in Abuja, dealers exchanged the naira at N575.00 per $1 on Monday, while dealers in Uyo said the currency exchanged at N570.00 to a dollar in the morning.
At the midday, the dealers said they were skeptical to purchase the hard currency because the price was fluctuating.
“Dollar had no fixed price as of the close of business today in Uyo, because we are afraid that the currency might crash. We are waiting to know how much it would trade tomorrow but we sold in the morning at N570.00 to a dollar today, a source said.