Naira gains on black market, falls on Nafex window

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The Naira strengthened marginally against the U.S. Dollar at the unofficial market on Friday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

However, the domestic currency fell slightly at the I&E window of the foreign exchange market.

According to data posted, naira closed at N485.00 on the black market, Friday. This represents N1.00 or 0.21 from N486.00, the rate it stood since March 22.

Slight depreciation

Naira fell slightly against the greenback currency at the I&E window of the foreign exchange market on Friday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

Naira closed at N410.00 at the trading session of the I&E window, this represents N0.25 or 0.06 per cent devaluation from N409.75 the rate at which it closed at the previous session on Thursday.

This happened as naira experienced an intraday high of N394.00 and a low of N414.00, before closing at N410.00 on Friday.

The slight dip in Africa’s most populous country’s currency became glaring as turnover plummeted by 57.85 per cent, with $72.43 million recorded as against the $171.85 million posted on Thursday.

This leaves the spread between the unofficial market and the I&E window exchange rate at N75, which translates to a gap of 15.46 per cent.

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