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    Naira’s value against dollars slump at official, black exchange markets

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    The Naira depreciated further against the U.S. dollar at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

    The currency also slumped at the official Investors and Exporters (I&E) window on Monday after it recorded a slight gain in the previous session last week Friday.

    According to data posted on abokiFX.com, the local unit exchanged hands with the hard currency at N500.00 per $1 on the dot at the black market. This implies a N2.00 or 0.40 devaluation from N498.00, the rate it traded in the previous session last week Friday.

    Similarly, data posted on the FMDQ Security Exchange where forex is officially traded showed that naira closed at N411.67 per $1 at the Nafex window, after forex supply saw a slight boost from what was recorded in the previous session on Friday last week.

    The currency’s performance on Monday represents a 0.16 per cent depreciation from N411.00 the rate it traded in the previous session on Friday last week.

    The Over-the-Counter (OTC) market segment saw a forex turnover of $94.17 million, this translates to a 25.88 per cent increase from $74.81 million posted in the previous session on Friday last week.

    It touched an intraday low of N420.88 and a high of N400.00 before closing at N411.67 on the dot on Monday.

    The spread between the parallel market and Nafex window rates is pegged at N88.33. This translates to a disparity of 17.70 per cent as of the close of business on Monday.

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