Home Business Naira slips to three-week low at parallel market

Naira slips to three-week low at parallel market

Again, Naira weakens against dollar at I&E forex window

Naira fell 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.

The data posted showed that the naira closed at N486.00 at the black market, which represents a N4.00 or 0.83 per cent devaluation from N482.00 the rate it has been exchanging hands with the greenback since April 12.

The last time the local unit touched N486.00 was on March 31.

Slight depreciation at I&E too

In a similar pattern, the naira weakened slightly against the U.S. dollar at the I&E window of the foreign exchange market on Tuesday, as foreign exchange supply soar significantly.

Data posted on the FMDQ Security Exchange where forex is officially traded showed that the domestic unit closed at N410.67 at the trading session of the NAFEX window.

Tuesday’s performance represents 0.08 per cent devaluation from N410.33 it traded in the previous session on Monday.

ALSO READ: Naira gains at official market

The last time the currency hovered around N410.00 and above was on April 15.

It touched an intraday high of N381.00 and a low of N437.41 before closing at N410.67 on Tuesday.

This occurred as forex turnover skyrocketed by 42.72per cent, with $99.49 million recorded as against the $69.71 million posted in the previous session on Tuesday.

By implication, the spread between the unofficial market and the I&E window exchange rate is pegged at N75.33, which translates to a gap of 15.50 per cent.

Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401…

Source link

related posts

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More