Market News

Naira fell significantly on the spot market to trade at N464.00 per $1 on Monday amidst rising inflation.

By Abdulkareem Mojeed

Naira plummeted significantly against the United States dollar at the authorised market on Monday after recording a sharp gain in the previous session last Friday, data published by FMDQ showed.

The local unit, which opened sales at N463.50 per dollar on Monday, eventually closed at N464.00 to a dollar, the spot market data revealed.

Within the business session, the domestic currency rose to a high of N460.00 to a dollar and slipped to a low of N470.00 before settling at N464.00 on Monday.

At N464.00, it implies the currency fell by N1.67 or 0.36 per cent from N462.33 it closed on Friday.

The forex turnover within the business period declined by 65.97 per cent, with $55.10 million recorded on Monday against $161.91 million supplied in the previous business window on Friday.

The local fiat has declined by at least 0.65 per cent within the past four months amidst forex scarcity, dwindling foreign reserves and the controversial naira redesign policy introduced by the Central Bank of Nigeria.

At the unofficial market on Monday, currency dealers said the dollar was exchanged at N745.00 per $1 as against N740.00 it traded over the weekend.