Naira Shrinks Against Dollar at I&E,lost 0.12%


May 9, 2023.

Azonuchechi Chukwu.

It was a bad day for the Nigerian currency in the official market on Monday as it depreciated against the US Dollar at the close of business.

At the Investors and Exporters  window, Nigerian naira lost 0.12 percent as the American dollar was quoted at N462.78 on Monday as against N462.23 quoted on Friday, according to the data from the FMDQ.

Most currency dealers who participated at foreign exchange market auction on Monday maintained bids between N446.00 (low) and N466.00 (high) per dollar.

The market turnover, which reflects the volume of dollar transactions in the market, declined to $99.33 million on Monday from $128.29 million on Friday, data from the FMDQ indicated.

At the parallel market, also known as black market, naira, which has steadied at the rate of N738 since last week following a moderation in demand for dollars, weakened marginally by N1 per dollar on Monday following a slight increase in dollar demand.(

Azonuchechi Chukwu
Azonuchechi Chukwu
Ms Azonuchechi Chukwu has a BSC holder in mass communication Ebonyi State University

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