After holding for two straight days at N750 to the dollar, the naira today, Friday March 10, 2023 depreciated by 0.53% to N754 in the unofficial black market.
The depreciation of the naira to the dollar came as the currency rose marginally in the official investors and export window the previous day, Thursday rising to exchange for N461 to the dollar up from the N461.25 it exchanged for the dollar on Wednesday.
The rate represented an increase of 0.05 per cent, compared to the N461.25 for which it exchanged to the dollar on Wednesday.
The open indicative rate closed at N461.25 to the dollar on Thursday.
An exchange rate of N462.11 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.
The Naira sold for as low as N446 to the dollar within the day’s trading.
A total of 82.83 million dollars was traded at the official Investors and Exporters window.
The continuing fluctuation of the value of the naira as seen today in the black market today, Friday March 10, 2023 where it exchanged for 754 to the dollar bears some parallel with the harrows of many Nigerians who are also selling the local currency in the wake of the recent naira redesign policy of the apex bank.
