Finance

Naira plunges at official market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

Naira fell marginally against the U.S. dollar at the official market on Thursday, after the currency appreciated for three consecutive sessions on a stretch at the market segment.

The currency traded with the foreign currency at N415.07 to a dollar, which implies a N1.00 or 0.24 per cent depreciation from the N414.07 rate it exchanged on Wednesday, FMDQ securities exchange data showed.

Forex turnover at the spot market plummeted by 69.20 per cent with $103.16 million recorded on Thursday as against the $334.97million posted at the close of business in the previous session on Wednesday.

The local unit staged an intraday high of N405.00 and a low of N424.25 before closing at N415.07 to a dollar on Thursday.

The currency last closed at the N415.00 and above mark on October 13 when it closed at N415.10 to a dollar.

At the black market in Abuja, dealers exchanged the naira at the rate of N570.00 and sold at N578.00 to a dollar on Thursday.

While at Uyo, dealers said they exchanged the currency at N565.00 and sold at N568.00 to a dollar on Thursday.

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