(2 minutes read)
- Naira fell slightly in the spot market against the US dollar. It closed at N415.10 to a dollar at the close of business Monday
- The currency has maintained an intraday high of N404.00 and a low of N453.75 before closing at N415.10 to a dollar
- In the meantime, foreign exchange supply in Nigeria rose significantly by 52.60 per cent with US$138.37 million recorded as against US$90.70 million posted at the close of business a week ago for the same period.
Naira fell slightly in the spot market against the US dollar. It closed at N415.10 to a dollar at the close of business Monday. The currency has maintained an intraday high of N404.00 and a low of N453.75 before closing at N415.10 to a dollar.
In the meantime, foreign exchange supply in Nigeria rose significantly by 52.60 per cent with US$138.37 million recorded as against US$90.70 million posted at the close of business a week ago for the same period. There is a difference between the official and unofficial rate of Naira.
In Abuja, dealers exchanged the currency at N540.00 and sold at N545.00 to a dollar on Monday. The spread between rates in the official and unofficial market is at N124.90. This leaves a discrepancy of 23.13 per cent, which is often referred as an unhealthy trend.
