Naira falls at official market

ADVERTISEMENT

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.

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.

Donate


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