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Naira and Dollar notes
NAIRA WEAKENS AT OFFICIAL MARKET
NAIRA DECLINED TO N461.50 ON THE SPOT MARKET ON MONDAY
byAbdulkareem Mojeed
March 27, 2023
Reading Time: 1 min read
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Naira weakened slightly against the United States dollar to trade at N461.50 per
dollar at the official market on Monday.
Data from the FMDQ securities exchange window where forex is officially traded
showed that the rate reflected a N0.17 or 0.04 per cent decline from N461.33 the
local currency traded last Friday.
According to the market data posted, the naira experienced an intraday low of
N462.42 per dollar and a high of N460.00 before it closed at N461.50 per $1 on
Monday, the same rate it traded last Wednesday.
The spot market segment recorded $101.77 million as foreign exchange turnover
within the business period on Monday, the FMDQ data revealed.
Similarly, the naira fell significantly against the greenback at the
unauthorised window on Monday.
Market rates collated across States on Monday showed that the dollar was
exchanged at N743.39 per $1.
This represents a N3.29 or 0.44 per cent depreciation from N740.10 per $1 it
exchanged in the previous market window last Friday.
The spread between the authorised and unauthorised markets stood at N281.89,
leaving a margin of 61.1 per cent at the close of business on Monday.
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