Naira fell significantly against the U.S. dollar at the official market on Thursday, extending the domestic unit’s decline to the second day.
The currency closed at N417.50 to a dollar at the close of business on Thursday, which implies a N0.83 or 0.2 per cent devaluation, according to data published by FMDQ, where forex is officially traded.
It opened trading at N417.40 per $1, reached an intraday high of N410.00 and a low of N444.00 before closing at N417.50 on Thursday, fourth business day of the week.
Foreign exchange turnover skyrocketed 72.6 per cent with $196.28 million recorded as forex supply at the close of business on Thursday against $113.72 million posted on Wednesday.
It is the weakest the naira has performed this month.
The last time it touched the N417.00 mark was on Monday.
Similarly, the local currency depreciated further at the unofficial market inching towards N600 per $1.
At the parallel market in Uyo, dealers exchanged the naira at N586.00 and sold at N592.00 to a dollar on Thursday, while dealers in Abuja exchanged at N587.00 and sold at N588.00 per $1.
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