Naira losses 0.48 % in value to dollar from Friday to Monday

According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦417.90/$1 on Friday 6th, after it closed at ₦419.00 to a $1 on Thursday, 5th May 2022 and on Monday, 9th May 2022, it naira is still depreciated at ₦419.00 a 0.48% depreciation from Friday.

An exchange rate of N423.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N419.00.

The Naira sold for as low as 410.84 to the dollar within the day’s trading.

A total of 53.15 million dollars was traded in foreign exchange at the official Investors and Exporters window on Monday.

Prof. Hassan Oaikhenan of the Department of Economics, University of Benin, has attributed the currency’s loss to the limited supply of the green back.

He said, “the depreciation is normal and not unexpected, given the demand pressures for the dollar in relation to the limited supply of the green back.

“ So, we need not dwell on this, which has become the new normal in the trend behaviour of the exchange of the naira to such key currencies as the Euro, the Dollar, the British Pound sterling, among others’’.