Naira loses at official window

The Naira slipped on Thursday to N462.00 per dollar at the official market, a day after it recorded a slight gain at the spot market.

The local currency has experienced lows across both the authorised and unauthorised markets in recent months, amidst dollar and naira scarcity due to the Central Bank of Nigeria’s currency redesign policy.

Market data posted Thursday revealed that within the day’s business session, the local currency hit a low of N462.11 per dollar, down from N461.50. It later climbed to a high of N446.00 before closing at N462.00 on Thursday.

The rate represents a 0.20 per cent depreciation from N461.09 per dollar the naira traded in the previous session on Wednesday.

The domestic unit fell against the greenback on Thursday after foreign currency inflows into the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) market decreased by 31.3 per cent ($97.78 million) at the Over-The-Counter segment as against the $142.25 million recorded in the previous session on Wednesday.

At the parallel market, rates collated across states show that the dollar was exchanged at N740.65 per $1 on Thursday.

Thu March, 11:05:01 AM

💵 1 USD >>>>> ₦740.645
💷 1 GBP >>>>> ₦910.377
💶 1 EUR >>>>> ₦799.622

v1.0.6

— ₦aira Rates (@naira_rates) March 16, 2023

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