Naira falls at official market

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The currency rate remained unchanged on the black market.

Nigeria’s naira fell against the U.S. dollar at the I&E window of the foreign exchange market on Friday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

However, the currency rate remained unchanged on the black market.

This happened as foreign exchange supply depreciated significantly.

According to data posted on the FMDQ Security Exchange where forex is officially traded, the naira closed at N411.00 at the trading session of the NAFEX window.

The last time the currency touched N411.00 was on April 7.

Thursday’s performance represents a 0.5 devaluation from N410.50, the rate at which the naira closed on Thursday.

Naira saw an intraday high of N393.00 and a low of N437.62 before closing at N411.00 on Friday.

This occurred as forex turnover decreased by 47.04 per cent, with $61.52 million recorded as against the $116.16 million posted in the previous session on Thursday.

Meanwhile, the local unit remained unchanged against the U.S. dollar at the unofficial market on Friday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

The data posted showed that the naira again closed at N482.00 at the black market, the same rate it traded since the beginning of the week.

By this, the spread between the unofficial market and the I&E window exchange rate is pegged at N71.00, which translates to a gap of 14.73 per cent.



Source: Premium Times

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