Forex: naira witness further depreciation against the dollar
The exchange rate between the naira and the US dollar fell to an all-time low at the close of the week’s trading, depreciating by 0.58% at the official investors and exporters window.
The local currency had recorded some gain in the previous trading session but took a downturn at the close of trading on Friday 7th October.
Naira had opened trade at 437.00 at the beginning of the week but closed at 439.17 to a dollar at the end of the week’s trading activities. The weakened currency hovered within an intraday range of N422.00 (high) and declined to N450.00 to close at N439.17 to a dollar.
The Foreign Exchange Market turnover recorded $99.7 million dollars at the close of business.
This is the lowest rate recorded in the spot market in recent times. At the close of last week’s trading, it traded at N437.03
At the parallel market, the exchange rate continued on a volatile trajectory. BDC operators in Abuja, the nation’s capital said the currency was exchanged at N725.00/1 dollar and sold at N728.00/1 dollar as against N730.00 and N735.00 recorded in the two previous trading days.