BUSINESS

Naira Falls Significantly Against US Dollar At Forex Market

 

Naira has depreciated significantly against the United States dollar on the Investors and Exporters (I&E) and parallel markets on Thursday.

Data gathered from both the Investors and Exporters (I&E) and parallel markets showed it.

According to data published on the FMDQ website where forex was officially traded on Thursday, the local currency closed at N762.63 per $1 as against N742.31 it exchanged on Wednesday.

Thursday rate implies a 2.74 per cent depreciation from N 742.31 it traded on Wednesday.

The domestic currency opened at N766.60 on Thursday, slipped to a low of N799.00 and ascended to a high of N691.00 within the business window before it finally closed at N762.63.

NewsBeatng reports that FMDQ data showed that the official market segment on Thursday witnessed a foreign exchange supply of $98.60 million.

At the parallel market segment, street traders exchanged with the dollar at N785.00 and sold at N790.00 per $1 as against N779 and N780 range traded on Wednesday.

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