Market News

Naira fell on the official market to trade at N463.67 per $1 on Thursday.

By Abdulkareem Mojeed
 

Naira weakened against the United States dollar at the Over-The-Counter window on Thursday to exchange at N463.67 to a dollar after recording a slight gain on Wednesday.

The domestic unit which commenced the day’s trading at N462.90 per $1, climbed to a high N459.82 and declined to a low of N466.00 before settling at N463.67 to a dollar, data published by FMDQ, where forex is officially traded, revealed.

The rate represents a N1.17 or 0.25 per cent depreciation from N462.50 it was exchanged in the previous market session on Wednesday.

Forex supply within the official market segment stood at $139.85 million at the close of the day’s business, the data showed.

At the unofficial market, rates collated across the country, showed that the domestic currency closed at N739.55 to a dollar on Tuesday as against N740.65 per $1 it closed on Wednesday.

By implication, the spread between the authorised and unauthorised market is pegged at N275.95 with a margin of N59.51 per cent at the close of business on Thursday.