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Naira weakens further against the Dollar



FOREX: CBN injects N273m into retail secondary market

Nigeria’s currency on Wednesday weakened further by 0.12 percent following strong demand at the Investors and Exporters (I&E) forex window.

After trading on Wednesday naira/dollar exchange rate closed at N411 as against N410.50 quoted on the previous day, data from the FMDQ showed.

The foreign exchange daily turnover declined significantly by 70.96 percent to $11.85 million on Wednesday compared with $40.80 million recorded on Tuesday.

Read also: Naira falls to the dollar, as businesses resume after Easter holidays

Currency traders who participated in the trading on Wednesday maintained bids at between N405.00k and N438.00k/$.

The exchange rate remained flat at N485 at the parallel market according to data from Aboki fx.

Consequently the difference between the official and the black market now stands at N74.

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