Market News

The currency gained at the official market.

ByAbdulkareem Mojeed

Naira fell against the U.S. dollar at the unofficial market on Thursday, data posted on abokiFX.com, a website that collates the parallel market rates showed.

However, the currency gained against the foreign currency at the Investors and Exporters (I&E) window where forex is officially traded.

According to abokiFX.com, the local unit closed at N522.00 per $1 at the black market, representing a N1.00 or 0.20 per cent devaluation from the N521.00 it traded in the last two sessions respectively.

The FMDQ Security Exchange window also known as Nafex rate where forex is officially traded, showed that the local unit closed at N410.88 per $1 at the official market.

This translates to a N1.00 or 0.20 per cent devaluation from the N411.00 rate posted in the previous session on Wednesday.

Naira hit an intraday high of N400.00 and a low of N413.00 during the trading session before closing at N410.88 on Thursday.

The market Forex supply soared by 18.25 per cent with $147.31 million recorded as against the $180.19 million posted in the previous session on Wednesday.

The spread between the official and parallel market rates is pegged at N111.12 as of the close of business on Thursday, leaving a disparity of 21.30 per cent.