Naira weakened slightly against the US dollar to trade at N461.50 per dollar on the official market on Monday.
Data from the FMDQ stock market window where forex is officially traded showed the rate reflected a decrease of N0.17 or 0.04 percent from N461.33 the local currency traded last Friday.
According to published market data, the naira experienced an intraday low of N462.42 to the dollar and a high of N460.00 before closing at N461.50 to $1 on Monday, the same exchange rate as last Wednesday.
The spot market segment recorded $101.77 million as foreign exchange turnover within the trading period on Monday, FMDQ data revealed.
Similarly, the naira fell significantly against the dollar in the unauthorized window on Monday.
Market rates collected in all states on Monday showed the dollar trading at N743.39 for $1.
Mon March, 11:05:01 am
? 1 USD >>>>> ₦743.390? 1 GBP >>>>> ₦924.479? 1 EUR >>>>> ₦812.673
v1.0.6
— Rates ₦aira (@naira_rates) March 27, 2023
This represents a depreciation of N3.29 or 0.44 percent from the N740.10 per $1 that was exchanged in the previous market window last Friday.
The spread between the authorized and unauthorized markets stood at N281.89, leaving a margin of 61.1 percent at the close of business on Monday.