Thenaira fell against the U.S dollar at the parallel market on Friday after maintaining stability in the past seven consecutive sessions of the unofficial market segment.

 

Data posted on abokiFX.com, a website that collates parallel market rates in Lagos, showed that naira closed at N505.00 per $1 at the black market window. This represents a N2.00 or 0.40 per cent devaluation from N503.00, the rate it has been trading since June 30, last month.

 

Similarly, the domestic unit fell further against the U.S dollar at the official market on Friday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

 

According to data posted, the naira closed at N411.75 per $1 on Friday, this implies a N0.5 or 0.12 per cent from N411.25 rate it exchanged hands with the hard currency in the previous session on Thursday.

 

It hit an intraday low of N420.86 and a high of N400.00 before closing at N411.75 as of the close of business on Friday.

 

The official market forex supply decreased by 12.00 per cent, with $73.99 million recorded at the end of the market session as against the $84.06 million posted in the previous session on Thursday.

 

The spread between the black market and the Nafex rates remained unchanged at N93.25, this translates to 18.50 per cent as of the close of business on Friday.

 

PT

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