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.