Naira hits all-time low at official market

25 Sep Naira hits all-time low at official market

Naira depreciated to a new low against the U.S. dollar at the official market on Friday. Data from the FMDQ securities exchange window where forex is officially traded, showed that naira closed at N414.90 per $1, the lowest it has ever traded at the Investors and Exporters window. This is N1.22 or 0.30 per cent lower than the N413.68 it exchanged on Thursday.

At the black market, dealers said naira exchanged as low as N570 in the morning, but later rose to 568 per a dollar in the evening as demand reduced.