Naira falls to N996/$ at official market

The naira on Thursday, closed at N996 per dollar at the country’s official market otherwise known as the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ Securities Exchange, showed that the naira hit an intra-day trading high of N1,100 to the dollar, and a low of N744.

FMDQ said the market opened at N794.83 to the dollar and closed at N996.75 on Thursday. This marks a loss of N122.04 relative to the N874.71 recorded on Wednesday.

The total value of trades recorded at NAFEM stood at $228.54 million.

Meanwhile, at the parallel section of the market, the naira appreciated by 14.81 percent to close at N1,150 per dollar on Thursday — from N1,135 a dollar on Wednesday.

However, checks by Business Hallmark on Friday showed that the Nigerian currency was trading at N1135 at parallel market as at 12 pm.