Naira weakens at parallel, I&E markets

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Naira weakened against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Wednesday, according to data from the FMDQ Security Exchange where forex is officially traded .

The currency also fell on the parallel market.

At the spot market, Naira closed at N410.00 at the Wednesday trading session, representing N0.33 or 0.08 per cent devaluation from N409.67, the rate at which it closed at the previous session on Tuesday.

The depreciation took place as turnover rose by 25.37 per cent, with $40.79 million recorded as against the $30.44 million posted on Tuesday.

The local unit saw an intraday high of N390 and a low of N423.15 before settling at N410.00.

Also, naira depreciated further at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data, naira exchanged hands with the greenback currency at N478 to a U.S dollar, representing a N5.0 or 1.06 per cent weaker than N473, the same rate it stood in the past five days.

By implication, this leaves the spread between the unofficial market and the I&E window exchange rates to N68, which translates to a gap of 14.23 per cent.

The CBN’s official rate on Wednesday was Naira

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