Naira dropped by 0.46 percent versus the US dollar in the spot market window on Monday, weakening to a new low on the official market.
The naira began trading on Monday at N461.70 to the dollar and ended the day at N463.50 to the dollar, according to figures released by FMDQ, where forex is officially exchanged.
As a comparison to the N461.38 registered in the previous market session last Friday, this implies an N2.12 or 0.46 percent devaluation.
The native currency peaked at N460.00 intraday and fell to N466.00 before settling at N463.50 per $1 at Monday’s end of the business.
The rate is the naira’s lowest exchange rate of the year. After ending the previous year at N461.50 per $1, the currency fluctuated in the first quarter of this year between the benchmark exchange range of N461.00 and N462.
The local fiat has fallen by at least 0.43 percent in fewer than four months of this year, to N463.50 to $1, due to a lack of foreign exchange, declining foreign reserve, and the contentious naira redesign strategy.
With $175.40 million registered at the close of business on Monday as opposed to the $188.37 million posted in the prior session last Friday, the FX turnover for the business period declined significantly by 7.4%.
The naira did, however, gain ground versus the dollar on Monday in the black market.
The native currency finished at N738.46 to a dollar on Monday, compared to N746.29 per $1 it closed at on Friday last week, according to exchange rates compiled in cities all throughout the nation.
The difference between the official and unofficial markets is estimated to be N274.96, which would leave a margin of N59.32% at Monday’s business closing time.