Naira gains at official market, depreciates at the parallel market

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

The data showed that the naira closed at N499.00 at the black market. This represents N1.00 or 0.20 per cent devaluation from N498.00 the rate it exchanged hands with the greenback currency in the previous session.

However, the local unit gained marginally against the U.S dollar at Investors and Exporters (I&E) window (Nafex Website) on Thursday, closing at N410.90, from N411.06, the rate it traded previously. This was a 0.04 per cent

This happened effectively as foreign exchange supply decreased by 14.17 per cent, with $140.76 million posted as against $164.00 million recorded in the previous session on Wednesday.

The Naira touched an intraday low of N420.47 and a high of N400.00 at the Nafex window.

The last time the currency hovered around the rate of N410.00 and above per dollar   was on May 18 last month, when the local currency closed at N410.75.

By implication, the spread between the black market and official market rates widened further to N88.1 from N86.94 it stood at the close of business in the previous session on Wednesday.

This translates to a margin of 17.70 per cent as of the close of business on Thursday.

Naira crashed against the Euro on Friday at the parallel market, as it opened at N605 sell rate, a N7 fall from N598 it opened on Thursday.

British pound similarly rose against the naira by N3 between Thursday Morning and Friday Morning. It rose to N703 sell rate from N700 it traded on Thursday.