Market News

Naira slides for second day at official market - PREMIUM TIMES

JUNE 17, 2021

The currency records a rare rebound at the black market.

By Abdulkareem Mojeed

Naira for the second day in a row fell against the U.S. dollar at the official market Wednesday, but managed a rebound at the parallel market, a day after hitting its lowest black-market rate in at least four years.

Data on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N412.00 per $1 at the Nafex window.

The local currency performance on Wednesday represents a N0.25 or 0.06 per cent decrease from N411.75 the rate it traded in the previous session on Tuesday.

The trading session on Wednesday witnessed a forex turnover of $131.86 million, this translates to a 23.44 per cent depreciation from $172.24 million posted in the previous session on Tuesday.

The domestic currency experienced an intraday low of N420.97 and a high of N400.00 before closing at N411.75 on Tuesday.

The last time the currency touched N412.00 at the Nafex window was on June 1.

However, the local unit gained against the U.S dollar at the unofficial market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data posted, the naira closed at N502.00 at the black market, this represents a N 3.00 or 0.60 per cent appreciation from N505.00 the rate it traded in the previous session on Tuesday.

Based on this, the disparity between the black market and official market rates stood at N90.00, translating to a margin of 18.00 per cent as of the close of business on Wednesday.


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