Tuesday, July 27, 2021

    Naira stable at parallel market, slides further at official window

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

    The naira slipped further against the U.S. dollar at the official market on Thursday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

    However, the currency remained stable at the parallel market.

    The local unit closed at N411.67 per $1 at the Nafex window, the data posted showed. This implies a N0.17 or 0.04 per cent devaluation from N411.50 the rate it traded in the previous session on Wednesday.

    This occurred as forex turnover dipped slightly from what was recorded in the previous session on Wednesday.

    The Forex turnover at the Over-the-Counter (OTC) market segment increased by 43.21 per cent with $109.47 million posted as against the $192.75 million recorded in the previous session on Wednesday.

    The domestic currency experienced an intraday low of N420.80 and a high of N401.00 before closing at N411.67 on Thursday.

    The last time the currency traded at N411.67 on the dot was on June 21.

    Meanwhile, the naira remained stable against the U.S dollar at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

    Data posted showed that the local unit exchanged hands with the greenback currency again at N500.00 per $1 on the dot at the black market on Thursday.

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

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