The naira continued its downward trend as the dollar was sold for N417.51 at the official market on Thursday.
This was contained in the data obtained from the Central Bank of Nigeria’s official website, showing the exchange rate result and its Monthly Moving Average.
According to the data, the dollar sold for N417.51 while it was bought at N416.51.
With the development, the naira took a dip in devaluation against the US dollar, 24 hours after it recorded a slight gain at the spot market segment.
However, the FMDQ website where forex is officially traded, in its own data, showed the naira closed at N416.67 to the dollar at the close of trading on Thursday.
This represents a 0.3 or 0.10 per cent devaluation from the N416.37 it exchanged in the previous session on Wednesday, with $109.75 million recorded as foreign exchange turnover at the close of business, on Thursday.
The naira oscillated to an intraday high of N410.00 and a low of N444.00 before closing at N416.67 on Thursday, and stood at the same range it had been trading since the opening of business this week.
The last time the currency closed at N416.67 to a dollar was on Tuesday, which is by far the lowest rate the naira had traded at the official market this month.
Meanwhile, the highest rate the local unit has exchanged hands with the greenback currency this month is N415.36 rate per $1 at the spot market segment, according to the CBN data on its website.
This meant that the currency strengthened by 4.4 per cent so far after it recorded an all-time low in December last year when the naira closed at N435.00.
Source Punch
