Naira falls to eight-month low as dollar rises

Naira slipped to an eight-month low in opposition to the dollar on Monday, depreciating 0.75 per cent in opposition to the dollar on the spot market window.

The native forex opened FreJobsAlert at N431.30 however closed at N434.75 to a dollar on the shut of enterprise on Monday, data published by FMDQ, the place foreign exchange is formally traded, revealed.

The Naira climbed to an intraday excessive of N425.00 and declined to a low of N437.50 earlier than closing at N434.75 per $1— the weakest official market charge the Naira recorded inside the final eight months.

This grew to become vital as foreign exchange turnover surged by 6.6 per cent ($99.68 million) from $93.54 million posted final week Friday.

Throughout the previous three weeks, the forex has been FreJobsAlert between the vary of N419.00 and N430.00 and above mark earlier than settling at N434.75 on the shut of gross sales Monday, the primary enterprise day of this week.

READ ALSO: Naira down at official market

Equally, the Naira fell in opposition to the dollar within the parallel market on Monday, unauthorised market change charges reviewed throughout main States confirmed.

Abuja and Uyo black markets forex sellers stated they purchased the dollar at N697.00 and bought inside the vary of N699.00 and N700.00 to a dollar respectively, implying a N1.0 or 0.14 per cent devaluation from N696.00 it exchanged fingers within the earlier session final week Friday.

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