Naira Declines, Exchanges for N420.5 Per Dollar at Official Window

The naira on Thursday depreciated at the Investors and Exporters window, exchanging at N420.50 to the dollar, a 0.12 per cent depreciation against N420 traded on Wednesday.

Naira Declines, Exchanges for 420.5 Per Dollar at Official Window

The highest rate reported during the day’s trade was N444.00 to the dollar, before it finished at N420.50.

The naira sold for as low as N413 to the dollar within the day’s trading.

A total of 136.35 million dollars was traded in foreign exchange at the official Investors and Exporters window on Thursday.

In the Peer-to-Peer (P2P) segment of the foreign currency market, the Naira depreciated against the US Dollar, falling 0.2 percent or N1 to trade at N617/$1 compared to N616/$1 the day before.

• READ ALSO: Naira Appreciates to N420/$1 at the Official Forex Market

Transactions valued at $136.35 million were carried out during the trading day compared with the $124.62 million executed at the midweek session, indicating an expansion by $11.73 million or 9.4 per cent.

Equally, the local currency weakened against the Pound Sterling at the interbank segment of the forex market yesterday by N2.75 to trade at N505.19/£1 compared to the previously traded rate of N502.44/£1