Naira hits new low at official market

Naira plunged to a record low on Monday after exchanging at N1,534.39 to a dollar at the official market segment.

According to data published on the FMDQ website, the local currency moved to an intraday high of N1000/$1 and a low of N1,550 to a dollar before it eventually settled at N1,534.39 at the close of business on Monday.

The rate implies a 4.38 per cent depreciation from the previous market sales on Friday last week.

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