Naira sees huge fall in opposition to greenback

Naira plunged in opposition to the U.S. greenback on Monday with a 0.60 per cent depreciation on the official market.

In keeping with FMDQ, the place foreign exchange is formally traded, the naira which opened buying and selling at N417.30 closed at N421.50 to a greenback on the shut of enterprise on Monday.

This suggests N2.50 or 0.60 per cent devaluation from N419.00 it exchanged palms with the dollar forex Friday, final week.

That is the second lowest degree the naira exchanged formally with the greenback in 5 months after closing at N422.67 to a greenback on January 5, early this yr, and the primary time it stretched throughout the N417.00 and N419.00 and above benchmark it has been buying and selling up to now 4 months.

The naira reached an intraday excessive of N410.00 and slipped to a low of N444.00 earlier than closing at N421.50 per $1 on Monday.

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Foreign exchange turnover plummeted by 58.3 per cent with $70.68 million recorded on the shut of enterprise on Monday in opposition to the $169.38 million posted within the earlier session final week Friday.

Equally, the native forex touched N600.00 mark on the parallel market on Monday.

In Uyo, forex sellers exchanged the naira at N595.00 and bought inside the vary of N596.00 and N600.00 to a greenback, whereas Abuja balck market sellers at wuse zone 4 mentioned the forex was exchanged at N594.00 and bought at N595.00 per $1 on Monday.