Home Finance Naira loses further at black market

Naira loses further at black market

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Naira fell against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Friday, data from the FMDQ Security Exchange where forex is officially traded showed.

 

Also, the currency weakened at the parallel market.

 

Naira closed at N410.00 at the trading session of the I&E window on Friday, a N1.00 or 0.25 per cent devaluation from N409.00 it closed at the previous session on Thursday.

 

The domestic currency experienced an intraday high of N390.00 and a low of N412.20, before closing at N410.00 on Friday.

 

The depreciation of the local unit occured as turnover dipped by 66.75 per cent, with $63.88 million recorded as against the $192.11 million posted on Thursday.

 

Also, at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency fell.

 

According to the data posted, the currency closed at N485.00, a N3.00 or 0.62 per cent depreciation from N482, which it exchanged hands with the greenback currency on Thursday.

 

By this, the spread between the unofficial market and the I&E window exchange rate at N75.00, which translates to a gap of 18.30 per cent.

 

The CBN’s official rate on Friday was still N379 per dollar.

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