Naira Down To Three-Month Low Against Dollar, See Latest Exchange Rate

“The naira on Wednesday exchanged N583 to a dollar and sold at N585 in Abuja at the parallel market, according to a report by Premium Times.

At the official market, the currency closed at N418.33 to a dollar on the second day of business following the Easter break, according to data published by FMDQ, where forex is officially traded.

This represents a N1.33 decline from N417.00 it exchanged in the previous session on Tuesday.

It is the weakest rate the naira exchanged officially with the dollar in the past three months. Its lowest was on January 5 when it closed at N422.67 to a dollar.

Within the past three months, the local unit has been hovering within the range of N416.00– N417.00 and above mark amidst fluctuating forex supply and market sentiments.

The naira, which opened trading at N418.25 per $1, reached an intraday high of N410.00 and a low of N444.00 before closing at N418.33 on Wednesday.