Naira weakens at parallel market

The naira fell against the U.S. dollar at the unofficial market window on Thursday, as it exchanged hands with the greenback currency at N508.00 per $1.

However, the local unit gained marginally against the U.S. dollar at the official market segment after maintaining stability in the last three consecutive sessions.

According to abokiFX.com, the currency closed with a N2.00 or 0.40 per cent devaluation from the N506.00 rate it traded in the previous session on Wednesday.

Also, data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.25 per $1, which implies a N0.25 or 0.10 per cent appreciation from the N411.50 rate it exchanged hands with the hard currency in the previous session on Wednesday.

It experienced an intraday high of N400.00 and staged a low of N413.00 before settling at N411.25 at the Nafex window.

This occurred as forex supply plummeted by 18.14 per cent, with $103.90 million posted at the end of the market session as against the $126.92 million recorded in the previous session on Wednesday.

The spread between the official market and the unofficial market rates stood at N94.75, leaving a margin of 18.73 per cent as of the close of business Thursday.