Wednesday, June 16, 2021

    Naira slides at official market

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    Naija247news, Nigeria
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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

    The domestic unit closed at N411.00 at the trading session of the NAFEX window on Tuesday.

    This happened as foreign exchange supply plummeted significantly.

    According to data posted, the local unit performance represents a N1.00 or 0.24 per cent devaluation from N410.00 the rate it traded in the previous session on Friday, last week.

    The currency experienced an intraday high of N395.00 and a low of N422.00 before closing at N411.00 on Tuesday.

    The forex turnover on Tuesday depreciated by 25.03 per cent, with $42.59 million recorded as against the $56.81 million posted in the previous session on Friday last week.

    The last time the domestic currency closed at N411.00 was on April 29 last week.

    However, the naira remained stable at the parallel market.

    It remained unchanged against the U.S. dollar at the unofficial market on Tuesday, data posted on, a website that collates parallel market rates in Lagos showed.

    Data posted showed that the naira again closed at N485.00 at the black market, the same rate it has been exchanging hands with the greenback since April 22.

    Based on the aforementioned, the spread between the parallel market and the official market exchange rate stood at N74.00 which translates to a gap of 15.30 per cent.

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