Amid cash crunch occasioned by the recent redesign policy, naira on Thursday, dropped to N462.00 per dollar at the official market.
This comes a day after the local currency recorded a slight gain at the spot market while experiencing lows across both the authorised and unauthorised markets in recent months.
Market data posted Thursday revealed that within the day’s business session, the local currency hit a low of N462.11 per dollar, down from N461.50. It later climbed to a high of N446.00 before closing at N462.00 on Thursday, according to a report by Premium Times.
The rate represents a 0.20 per cent depreciation from N461.09 per dollar the naira traded in the previous session on Wednesday.
The domestic unit fell against the greenback on Thursday after foreign currency inflows into the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) market decreased by 31.3 per cent ($97.78 million) at the Over-The-Counter segment as against the $142.25 million recorded in the previous session on Wednesday.
At the parallel market, rates collated across states show that the dollar was exchanged at N740.65 per $1 on Thursday.