Naira exchange rate to Dollar drips at official market

Naira fell marginally against the U.S dollar at the I&E window of the foreign exchange market on Tuesday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

The currency, however, remained stable at the black market.

Naira, Africa’s most populous country’s currency closed at N410.50 at the trading session of the I&E window, this represents N1.20 or 0.29 per cent devaluation from N409.30 the rate at which it closed at the previous session on Thursday, last week.

The local unit experienced an intraday high of N394.00 and a low of N419.30, before closing at N410.50 on Tuesday.

This occurred as turnover increased by 14.77 per cent, with $40.80million recorded as against the $35.55 million posted on Thursday, last week.

Meanwhile, the domestic currency remained unchanged gainst the U.S dollar at the unofficial market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data posted, the naira closed at N485.00 at the black market on Tuesday, the same rate it exchanged hands with the greenback since April 1.

As a result of this, the spread between the unofficial market and the I&E window exchange rate is pegged at N74.50, which translates to a gap of 15.36 per cent.

This site uses Akismet to reduce spam. Learn how your comment data is processed.