Naira slides at official market


The naira weakened significantly against the U.S. dollar at the I&E window of the foreign exchange market on Tuesday, as foreign exchange supply increased marginally.

Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the domestic unit closed at N411.67 at the trading session of the NAFEX window on Tuesday.

Tuesday’s performance represents a N1.67 or 0.41 per cent devaluation from N410.00, the rate it traded in the previous three consecutive sessions respectively.

The naira experienced an intraday high of N401.10 and a low of N436.55 before closing at N411.67 on Tuesday.

This came to the forebears as forex turnover on Tuesday rose by 2.04 per cent, with $48.42 million recorded as against the $47.45 million posted in the previous session on Monday.

The last time the domestic currency hovered around N411.00 and below was on April 17.

However, the local unit remained stable at the official market.

ALSO READ: Naira stable at official, parallel markets

Nigeria’s naira remained unchanged against the U.S. dollar at the unofficial market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data posted, 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.

This leaves the spread between the parallel market and the official market exchange rate at N73.33 which translates to a gap of 15.12 per cent.

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