Naira reached its lowest rate significantly against the U.S. dollar at the official market on Friday, even as foreign exchange supply rose marginally.
According to data from the FMDQ securities exchange window where forex is officially traded, naira closed at N414.90 per $1, the lowest it has ever traded at the Investors and Exporters window.
The performance of Naira on Friday indicated a N1.22 or 0.30 per cent devaluation from that of the N413.68 it exchanged on Thursday.
Forex turnover declined by 10.10 per cent with $193.59 million recorded against the $175.86 million posted in the previous session on Thursday.
Naira staged an intraday high of N400.00 and a low of N415.20 before closing at N414.90 per $1 on Friday.
At the black market on Friday in Abuja, dealers said naira exchanged as low as 570 in the morning and increased to 568 per a dollar in the evening as demand reduced.
Dealers in Akwa Ibom State however said, the local unit exchanged hands with the hard currency at N570 in the morning, but later sold for N560 per a dollar at the end of the day’s business.
A dealer said, “Since it’s the weekend already, people are afraid to keep their dollars so that it will not depreciate in value since we can no longer use abokiFX.com. Traders are now using their intelligence to sell their dollar so they will not be running losses.”