Thursday, January 27, 2022

    Naira weakens by 1.06% against dollar at parallel, I&E markets

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Nigeria’s currency on Wednesday weakened against the dollar by 1.05 percent to N478, breaking the four days stability of N473 since Friday last week, on the black market.

    Aaccording to data from the FMDQ Security Exchange where forex is officially traded .

    The currency also fell on the parallel market.

    At the spot market, Naira closed at N410.00 at the Wednesday trading session, representing N0.33 or 0.08 per cent devaluation from N409.67, the rate at which it closed at the previous session on Tuesday.

    The depreciation took place as turnover rose by 25.37 per cent, with $40.79 million recorded as against the $30.44 million posted on Tuesday.

    The local unit saw an intraday high of N390 and a low of N423.15 before settling at N410.00.

    Also, naira depreciated further at the parallel market, data posted on, a website that collates parallel market rates in Lagos showed.

    According to the data, naira exchanged hands with the greenback currency at N478 to a U.S dollar, representing a N5.0 or 1.06 per cent weaker than N473, the same rate it stood in the past five days.

    By implication, this leaves the spread between the unofficial market and the I&E window exchange rates to N68, which translates to a gap of 14.23 per cent.

    The CBN’s official rate on Wednesday was Naira

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