Naira did not register any significant movement against the US dollar in the authorized market on Monday.

According to data published on the FMDQ website where the foreign exchange market is officially traded, the naira closed on Monday at N461.67 to the dollar, the same rate at which it was traded last Friday.

This implies a 0.04 per cent depreciation of N461.50 which closed on Friday December 30, the last business day in 2022.

The local currency, which opened at N459.33, hit an intraday high of N426.00 and fell to a low of N462.00 per dollar in the spot market on Monday before settling at N461.67.

Within this period, the market’s foreign exchange turnover is pegged at $47.13 million, FMDQ data showed.

On the parallel market, currency traders in Abuja said the dollar traded at N738.00 and up and sold at N742.00 and up, up from N735.00 per dollar traded last week.

Last year, the Nigerian naira registered a significant depreciation in the foreign exchange markets (official and black markets) due to a sudden increase in demand for the dollar currency.

The naira closed the year trading hands with the green currency at N461.50 to the dollar at the official window at the close of business on Friday of last week. translating at a depreciation of 6.1% from N435.00 per dollar, the currency was changed at the close of sales in December 2021.

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