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Dollar continue to soar high again Nigeria’s Naira this weekend 28/08/2022

Naira debilitated further on Friday, falling 1.34 percent against the U.S. dollar to its most reduced known level of all time.

As indicated by information distributed by FMDQ, where forex is formally exchanged, naira which opened exchanging at N426.63 shut at N430.33 to a dollar on Friday.

This suggests a N5.71 or 1.34 percent debasement from N424.62 posted in the past market meeting on Thursday.

The homegrown money hit an intraday high of N414.00 and contacted a low of N444.00 prior to settling at N430.33 per $1 at the end of business on Friday.[irp]

This is the most fragile rate the naira has traded for this present year since it shut at N430.00 to a dollar last Tuesday.

Forex turnover expanded somewhat by 3.9 percent with $63.19 million recorded at the end of business on Friday, against the $60.84 million posted in the past meeting on Thursday.

Be that as it may, the naira recorded no critical development against the dollar inside the last four work days at the back market.

At the parallel Market or the black market, the dollar is being exchanged at the rate of N698 per $1 while the country witnessed a slight increase in foreign reserve yesterday.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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