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    Naira plunges again at black market

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Naira again plunged against the U.S. dollar at the unofficial market Wednesday.

    Also, the currency fell at the official market, after clinching a slight gain in the previous session on Tuesday.

    According to abokiFX.com, naira closed at N528.00 per $1 on Wednesday, the lowest ever recorded at the parallel market.

    This represents a N2.00 or 0.40 per cent devaluation from N526.00 it traded in the previous session on Tuesday.

    The continuous decline of the currency has been majorly spurred by dollar scarcity and market sentiments resulting from the ban of forex sales to the Bureau De Change operators by the Central Bank of Nigeria.

    Also, data posted on the FMDQ Security Exchange window where forex is officially traded showed that the naira closed at N411.50 per $1 at the official market on Wednesday.

    The currency’s performance on Wednesday indicates a N0.42 or 0.10 per cent decline from N411.08 it traded in the previous session on Tuesday.

    Naira witnessed an intraday high of N400.00 and a low of N413.00 at the trading session before closing at N411.50 on Wednesday.

    This happened as the Nafex window experienced a high increase in foreign exchange supply 571 per cent, with $486.31 million recorded as against the $72.50 million recorded in the previous session on Tuesday.

    The disparity between both market rates stood at N116.5 as of the close of business on Wednesday, leaving a margin of 22.10 per cent.

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