Mon, 14 Jun 2021

 

Naira falls at official market
 
From: 'Tunde Babalola
Fri, 11 Jun 2021   ||   Nigeria, Abuja
 

Friday, 11th June 2021: Naira fell against the U.S. dollar at the official market Thursday. This happened as forex turnover decreased by 60.40 per cent, with $89.89 million posted as against $226.98 million recorded in the previous session on Wednesday.

Data from the FMDQ Security Exchange where forex is officially traded showed that the local unit closed at N411.83 per $1. Thursday’s performance translates to a N0.88 or 0.21 per cent devaluation from N410.95 it traded in the previous session on Wednesday.

Consequently, the naira experienced an intraday low of N420.77 and a high of N400.00 before closing at N411.83 on Thursday.

However, the currency remained unchanged at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

It showed that the domestic currency again exchanged hands with the greenback currency at N502.00 per $1, the same rate it has been trading since June 4 last week.

This leaves the disparity between the black market and official market rates at N90.17, this translates to a margin of 18.00 per cent as of the close of business on Thursday.

 

 

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