BREAKING: Naira Depreciates At Forex Markets (SEE LATEST EXCHANGE RATES)

BREAKING: Naira Depreciates At Forex Markets (SEE LATEST EXCHANGE RATES)

The naira depreciated against the United States dollar at the official market on Thursday, reversing the gain recorded in the previous session on Wednesday.

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The official exchange rate for the naira closed at N841.14 per dollar, indicating a 2.70% decline from the previous session’s rate of N818.99 per $1.

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The trading day started with the naira at N806.00 before reaching an intraday low of N1140.00 and a high of N600.00. It eventually settled at N841.14 per dollar.

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Similarly, the naira weakened against the US dollar in the parallel market, with Bureau De Change operators quoting an exchange rate of N1,132.00 per $1 on Thursday, compared to the previous rate of N1,129.00 on Wednesday.

The spread between the official and parallel markets widened to N290.86, resulting in a margin of 34.60% by the close of business on Thursday.

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