MARKET NEWS
Naira down to six-month low against dollar - PREMIUM TIMES
Abdulkareem Mojeed
Naira weakened to a six-month low on Wednesday, depreciating 0.9 per cent against the dollar at the spot market window, after it recorded no significant movement in the last two consecutive business days.
The local currency which opened trading at N421.80, closed at N424.88 to a dollar at the close of business on Wednesday, data published by FMDQ, where forex is officially traded revealed.
This represents a N3.88 or 0.9 per cent devaluation from N421.00 it traded in the previous two market sessions.
Before the close of business on Wednesday, naira traded within an intraday range of N410.00 (high) and jumped to a low of N444.00 before closing at N424.88 per $1 on Wednesday.
This is the weakest rate the naira has exchanged officially with the dollar this year after closing at N422.67 to a dollar on January 5.
Within the first half of the year, the currency has been trading between the range of N417 and N422 and above mark before settling at N424.88 at the close of sales Wednesday , the third business day of this week.
Forex supply plummeted by 40.6 per cent with $122.83 million recorded at the close of business on Wednesday, against the $206.65 million posted in the previous session on Tuesday.
At the Uyo black market, dealers exchanged the naira at N612.00 and sold at N615.00 to a dollar on Wednesday.