Naira recorded a slight decline against the US dollar on the official market on Thursday, the day after the appreciation of the domestic unit at the Nafex counter.

This became important as forex turnover saw a slight decline at the Over-the-Counter (OTC) window on Thursday.

The naira closed at 416.67 naira to the dollar as of the close of business on Thursday, implying a decline of 0.17 naira or 0.04% from the 416.50 naira traded on Wednesday, according to data released by the FMDQ where forex is officially traded.

The local currency hit an intraday high of N410.00 and a low of N444.00 before closing at N416.67 on Thursday.

Forex supply fell 27.8% with $112.03 million recorded in forex turnover at the close of the day from $155.16 million posted on Wednesday.

However, the naira has been considerably stable in the parallel market since trading began this week amid speculation about the scarcity of the dollar.

Dealers in Uyo and Abuja traded the currency at N583.00 and sold at N587.00 at a dollar Thursday, the same fork it’s been hovering over for weeks.


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