Naira plunges at Forex markets (

Naira plunges at Forex markets


The Naira depreciated against the United States dollar on the Investors and Exporters (I&E) on Wednesday, market data posted on the FMDQ website showed.

The domestic currency also fell further on the unofficial market, inching towards the N1000/$1 mark.

At the official window, market data posted on Wednesday showed that the Naira closed at N782.38 per $1.

The local unit moved within an intraday range of N730.00 (high) and N800.00 before settling at N782.38 at the close of business.

That amount implies a N24.87 or 3.3 per cent decline from the rate the local unit exchanged against the greenback in the previous session on Tuesday, with $60.26 million posted as foreign exchange supply within the business period.

At the black market, PREMIUM TIMES gathered that the dollar was exchanged at N905.00 and sold for N910.00 amidst rising inflation and forex demands in the country.

In the last three months since the move to unify rates took effect, the naira has continued to decline at the official market to trade at N782.38 and above the mark from N465.13 per dollar it traded in mid-May.

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