The currency which opened trading at N419.71 closed at
N421.33 to a dollar at the close of business on Monday.
The local currency hit an intraday high of N413.00 and
stooped to a low of N444.00 before settling at N421.33 per $1, with $46.07
million posted as foreign exchange turnover at the close of business on Monday.
The highest rate the naira has traded against the greenback
currency this month at the official market so far was when it closed at N419.75
per $1 on June 6, and the weakest rate it has recorded this month was when it
closed at N422.50 to a dollar on June 9.
By implication, the N421.33 to a dollar the naira closed
with at the close of today’s business is the second weakest rate it has traded
within the past two weeks.
Within the past six months, the naira has been hovering
within the range of N419.00- N422 and above benchmark after it touched an
all-time low of N435.00 per $1 at the last business day of 2021.
At the Uyo and Abuja street markets, dealers exchanged the
naira at N604.00 and sold N608.00 to a dollar at Uyo, while Abuja dealers sold
at no fixed price on Monday.
Exchangers at the black market attributed the continuous
fall of the naira against the dollar to scarcity of forex they are currently
experiencing.
“We used to get over $20,000 if we wanted to buy before, but
now we struggle to buy even $2000,” said Shuaibu, a currency dealer at Uyo
street market.
“It is the scarcity of dollars that is driving the high
exchange rate,” he added.
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