Naira slides again, exchanges for 417.51/dollar

The naira continued its downward trend as the dollar was sold for N417.51 at the official market on Thursday.

This was contained in data obtained from the Central Bank of Nigeria official website, showing the exchange rate result and its Monthly Moving Average, on Thursday.

According to the data, the dollar sold for N417.51 while it was bought at N416.51.

With the development, the naira took a dip in devaluation against the US dollar, twenty-four hours after it recorded a slight gain at the spot market segment.

However, the FMDQ website where forex is officially traded, in its own data, showed the local currency closed at N416.67 to a dollar at the close of trade on Thursday.

This represents a N0.3 or 0.10 per cent devaluation from N416.37 it exchanged in the previous session on Wednesday, with $109.75 million recorded as foreign exchange turnover at the close of business, on Thursday.

Naira oscillated to an intraday high of N410.00 and a low of N444.00, before closing at N416.67 on Thursday, and stood at the same range it had been trading since the opening of business this week


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