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  • Naira slips at official market 03/28/2022

    Mar 28th, 2022

    Naira fell against the U.S. dollar at the official market on Friday, a day after the local currency recorded a slight gain at the spot market segment. Data published by FMDQ where forex is officially traded showed the naira closed at N416.33 to a dollar at the close of business Friday. This implies an N0.33 or 0.10 per cent devaluation from N416.00 it traded in the previous session on Thursday. This is the weakest rate naira has traded since the opening of trade this week at the official market after it closed at N416.32 per $1 on Monday. The domestic currency experienced an intraday high of N410.00 and a low of N444.00 before closing at N416.33 on Friday. Forex supply plummeted by 16.31 per cent with $119.64 million posted on Friday as against the $142.95 recorded in the previous session on Thursday. Currency exchanges in Uyo said the naira was exchanged N583.00 to a dollar, the same rate it exchanged on Thursday. Similarly, currency dealers in Abuja market said the naira was exchanged at N585.00 and sold at N587.00 to a dollar on Friday, the same range it has been trading since the commencement of trade this week.