Naira Sliding against exchange for dollar

PUNCH reprots that naira continued its downward trend as the dollar was sold for N417.51 at the official market on Thursday.

This was contained in data obtained from Central Bank of Nigeria official website. Showing the exchange rate result and its Monthly Moving Average on Thursday.

According to the data, dollar sold for N417.51 while bought at N416.51. With the development, naira took a dip in devaluation against U.S. dollar. Twenty-four hours after recorded slight gain at the spot market segment.

However, the FMDQ website where forex is officially traded. in its own data, showed the local currency closed at N416.67 to a dollar at the close of trade on Thursday. This represents ₦0.3 or 0.10 per cent devaluation from ₦416.37 exchanged in previous session on Wednesday. With $109.75 million recorded as foreign exchange turnover at close of business on Thursday.

Naira oscillated to intraday high of ₦410.00 and a low of ₦444.00 before closing at ₦416.67 on Thursday. And stood at same range it has been trading since the opening of business this week.

The last time the currency closed at ₦416.67 to a dollar was on Tuesday, which is by far the lowest rate naira has traded at the official market this month.

Meanwhile, the highest rate local unit exchanged hands with the greenback currency this month is ₦415.36 rate per $1 at the spot market segment. According to CBN data on its website. This mean the currency strengthened by 4.4 per cent so far after recorded an all-time low in December last year. When Nigerian naira closed at ₦435.00 per dollar.