naira hit a four-month low on Thursday, depreciating 0.30 percent against the US dollar in the official market.
The coin that opened trading at N416.50 closed at N420.00 per dollar at the close of trading on Thursday, data released by FMDQ, where the currency is officially traded, showed.
This represents a devaluation of N1.25 or 0.30 per cent from N418.75 which traded in the previous market session on Wednesday.
The naira swung within an intraday high of N412.38 and fell to a low of N444.00 before closing at N420.00 for $1 on Thursday.
This is the weakest rate the naira has officially traded against the dollar in nearly five months after closing at N422.67 per dollar on January 5, earlier this year.
Over the past four months, the coin has been trading between the N417.00-N419.00 range and above the mark before settling at N420.00 at the close of Thursday’s sales.
Foreign exchange supply increased 38.20 percent to $160.00 million recorded at the close of business on Thursday compared to $115.78 million recorded in the previous session on Wednesday.
Similarly, the local currency rose to N600.00 per dollar in the parallel market on Thursday.
Currency dealers in Uyo exchanged the naira for N592.00 and sold N596.00 per dollar, while Abuja black market operators in Wuse Zone 4 said the currency was exchanged for N590.00 and sold at N593.00 per dollar on Thursday.