Market News

The currency remains stable at the parallel market.

By Abdulkareem Mojeed

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.