Naira weakens against Dollar, others at official market

The Nigerian currency, Naira, fell against the U.S dollar on the official market despite decrease in market activity.

Data posted on the FMDQ Security Exchange where forex is officially traded showed the Naira closed at N411.67 per $1.

Yesterday’s closing exchange rate implies a N0.17 or 0.04 percent devaluation from N411.50 the rate it traded in the previous session on Wednesday.

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Market activity saw Forex turnover decreased by 43.21 per cent with $109.47 million posted as against the $192.75 million recorded in the previous day.

Meanwhile, according to data posted on abokiFX, the black market currency rate remained at N500.00 per U.S dollar.

Naira also remained at N710 for the British pounds and N595 to the Euro it exchanged the previous day.