HomeBUSINESSNaira falls at parallel market, gains at the official market

Naira falls at parallel market, gains at the official market

Naira gains, exchanges for N457 per Dollar

 

Nigeria’s naira fell against the U.S. dollar at the unofficial market on Monday, data gleaned from abokiFX.com, a website that collates parallel market rates in Lagos showed.

The data posted showed that the naira closed at N486.00 at the black market, which represents a N0.1 or 0.21 per cent devaluation from N485.00 the rate it exchanged hands with the greenback currency on Friday last week.

The last time the local unit touched N486.00 was on April 21 last month.

However, the local currency gained slightly against the U.S. dollar at the Import and Export  window of the foreign exchange market on Monday, as foreign exchange supply remained unchanged from the amount posted in the previous session on Friday last week.

Data posted on the Import and Export window website {FMDQ} Security Exchange where forex is officially traded showed that the domestic unit closed at N411.25 at the trading session of the NAFEX window.

Monday’s performance represents a N0.75 or 0.18 per cent appreciation from N412.00 it traded in the previous session on Friday last week.

The last time the currency hovered around the rate of N411.00 and above was on May 20 last week, when it exchanged hands with the hard currency at N411.31 per $1.

Like the previous session on Friday last week, naira touched an intraday high of N394.00 and a low of N415.00 before closing at N411.25 on Monday.

 

This kept the spread between the unofficial market and the official window exchange rate at N74.75, which translates to a margin of 15.38 per cent.

 

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