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Naira slides at official market
 
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Wed, 19 May 2021   ||   Nigeria,
 

Wednesday, 19 May 2021: The Naira fell slightly against the U.S. Dollar at the I&E window of the foreign exchange market on Tuesday, data posted on the FMDQ Security Exchange window where forex is officially traded showed.

This occurred as foreign exchange supply decreased further at the I&E window.

The local unit, however, remained stable again at the black market.

Naira closed at N411.63 at the trading session of the NAFEX window on Tuesday. This represents a N0.13 or 0.03 per cent devaluation from N411.50, the rate it traded in the previous session on Monday.

Tuesday’s performance became evident as forex turnover plummeted by 47.21 per cent, with $58.88 million recorded as against the $111.53 million posted in the previous session on Monday.

Also, the domestic currency saw an intraday high of N401.10 and a low of N420.92 before closing at N411.63 on Tuesday.

While the local unit has hovered around the rate of N411.00 and above in the last three consecutive sessions simultaneously, it last traded at the rate of N411.60 and above on May 15 at the over-the-counter (OTC) market when it exchanged hands with the hard currency at N411.67.
Stable on unofficial window

However, 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.

Data posted revealed that the local currency again closed at N484.00 at the black market, the same rate it has been trading since May 14 last week.

 

 

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