Monday, November 29, 2021
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    Naira’s value to Dollar weakens more at official market

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    The Naira fell slightly against the U.S. Dollar at the I&E window of the foreign exchange market on Thursday as foreign exchange supply dipped significantly.

    However, it remained stable at the parallel market.

    Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the currency closed at N411.31 at the NAFEX window on Thursday.

    This represents a N0.56 or 0.14 per cent depreciation from N410.75 the rate it traded in the previous session on Wednesday.

    This became effective as forex turnover declined by 8.45 per cent with $120.08 million recorded as against the $131.16 million posted in the previous session on Wednesday.

    Naira touched an intraday high of N386.00 and a low of N421.00 before closing at N411.31 on Thursday.

    The last time the local currency hit N411.00 and above rate was on May 18 when it exchanged hands with the greenback currency at N411.63 at the over-the-counter (OTC) market.

    Meanwhile, Nigeria’s naira remained unchanged against the U.S. dollar at the unofficial market on Thursday.

    Data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed that the local currency closed at N484.00 at the black market. This is the same rate it has been trading since May 14.
    By the markets status on Thursday, the disparity between the parallel market and the official market exchange rates stood at N72.69, this translates to a margin of 15.02 per cent.

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