Naira fell marginally against the U.S. dollar at the parallel market on Wednesday after it remained unchanged for the past two days.

 

The currency also fell at the official market after maintaining steady gains in the last two sessions.

 

Data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed that the naira closed at N503.00 per $1 at the black market window on Wednesday.

 

This represents a N1.00 or 0.20 per cent devaluation from N502.00 it traded in the last two previous sessions.

 

Also, data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 at the Nafex window.

 

This represents a N0.67 or 0.16 per cent depreciation from the N410.83 rate it traded in the previous session on Tuesday.

 

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The local unit clinched an intraday low of N420.95 and a high of N3400.00 before closing at N411.50 on Wednesday.

 

This happened as forex turnover dipped by 25.71 per cent, with $160.12 million recorded at the end of the market session as against the $215.53 million posted in the previous session on Tuesday.

 

The spread between the parallel market and the Over-the- Counter rates was N91.50, translating to a margin of 18.20 per cent as of the close of business on Wednesday.

 

PT

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