Naira loses further at black market

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

According to abokiFX.com, the currency closed at N520.00 per $1 as against the N517.00 rate it traded in the previous sessions on Wednesday.

The currency’s performance on Thursday represents a N3.00 or 1.00 per cent devaluation from the N517.00 per $1 it exchanged hands with the greenback in the previous session on Wednesday.

The last time the naira traded at N520.00 per $1 at the black market segment was on July 29.

The currency also fell slightly against the U.S dollar at the official window on Thursday after recording a marginal loss in the previous session on Wednesday.

Data recorded on the FMDQ Security Exchange where forex is officially traded showed the currency closed at N411.67 per $1 on Thursday.

This implies a N0.08 or 0.02 per cent appreciation from the N411.75 rate it exchanged in the previous session on Wednesday.

The currency saw an intraday high of N400.00 and a low of N412.25 during the trading session before settling at N411.75 at the close of business on Thursday.

The market forex supply increased by 17.00 per cent with $132.31 million recorded as against the $113.17 million published in the previous session on Wednesday.

The spread between the official and black-market rates is pegged at N108.33 as of the close of business on Thursday, leaving a margin of 21.00 per cent.