Naira Weakens Against Dollar Again At Official Market

Naira depreciated against the U.S. dollar at the official market on Friday, a day after the currency recorded a marginal gain at the spot market.

The currency declined 0.66 per cent to N429.00 per dollar on Friday from N426.20 it traded at the Nafex window in the previous session on Thursday, data posted on the FMDQ website where forex is officially traded, showed.

Before the close of business on Friday, the domestic currency jumped to a high of N406.00 and crashed to a low of N444.00 before closing at N429.00 at the authorized foreign-exchange market.

At the Uyo black market, currency dealers said they bought the dollar at N690.00 and sold at N700.00 to a dollar, while Abuja exchangers said naira was exchanged at N700.00 $1 on Friday.

While some analysts have blamed the continuous weakening of the naira on rising import bills, dollar savings and the accumulation of cryptocurrencies by Nigerians who have lost confidence in the local unit due to its massive devaluation against the greenback currency, some have blamed the recent slump on the Central Bank of Nigeria’s strict foreign exchange policies.

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