Naira slipped to an eight-month low against the dollar on Monday, depreciating 0.75 per cent against the dollar at the spot market window. The local currency opened trading at N431.30 but closed at N434.75 to a dollar at the close of business on Monday, data published by FMDQ, where forex is officially traded, revealed. The Naira climbed to an intraday high of N425.00 and declined to a low of N437.50 before closing at N434.75 per $1— the weakest official market rate the Naira recorded within the last eight months.
This became significant as forex turnover surged by 6.6 per cent ($99.68 million) from $93.54 million posted last week Friday.
Within the past three weeks, the currency has been trading between the range of N419.00 and N430.00 and above mark before settling at N434.75 at the close of sales Monday, the first business day of this week. Similarly, the Naira fell against the dollar in the parallel market on Monday, unauthorised market exchange rates reviewed across major States showed. Abuja and Uyo black markets currency dealers said they bought the dollar at N697.00 and sold within the range of N699.00 and N700.00 to a dollar respectively, implying a N1.0 or 0.14 per cent devaluation from N696.00 it exchanged hands in the previous session last week Friday.