On Thursday, June 8, 2023, Naira fell significantly against the United State dollar at the official market reaching its lowest rate in the market against forex scarcity in the country.
It reported that the local unit has recorded no movement on the spot market within the past seven market sessions.
The currency’s performance on Thursday signifies an N4.83 or 1.04 percent depreciation from N464.67 it has been trading since last week Wednesday, with $74.18 million posted as forex turnover within the business period.
Naira recorded an intraday high of N460.00 and a low of N476.50 before closing at N469.50 per $1 on Thursday.
The president said the country’s monetary policy needs thorough house cleaning, adding that this will direct funds away from arbitrage into investment in plants, equipment, and jobs that power the real economy.
Meanwhile, the local unit depreciated further at the unofficial market on Thursday. Currency dealers said the dollar was exchanged at N762.00 and sold for N765.00 to a dollar on Thursday as against N755.00 it exchanged in the previous session on Wednesday.
This leaves the spread between the official and unofficial windows at N292.5, with a margin of 62.3 percent reading resident at the close of business on Thursday.
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