Naira Devalued, Exchanges For 417.51/Dollar

The Nigeria currency continues to depreciate as the dollar was sold on Thursday for ₦417.51 at the official market.

This was disclosed in data released on the official website of the Central Bank of Nigeria, showing the exchange rate result and its Monthly Moving Average.

The data on the CBN website revealed that dollar was sold for ₦417.51, while it was bought at ₦416.51

The development saw Naira depreciate against the US dollar, 24 hours after it recorded a slight gain at the spot market segment.

However, the data released by the FMDQ website where forex is officially traded, showed the Nigeria currency was sold at ₦416.51 to a dollar on Thursday.

This represents an N0.3 or 0.10 per cent devaluation from 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.

Naira oscillated to an intraday high of N410.00 and a low of N444.00, before closing at ₦416.67 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 ₦416.51 to a dollar was on Tuesday, which is by far, the lowest rate the naira has traded at the official market this month.

Meanwhile, the highest rate the local unit has exchanged hands with the greenback currency this month is ₦416.36 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 ₦435.00.