Naira slipped further against the U.S. dollar at the unofficial market window on Friday, as the currency clinched its third major decline within the week at the parallel market segment.

According to, a website that collates the parallel market rates in Lagos, the domestic unit closed at N524.00 per $1 at the black market window on Friday.

This implies a N2.00 or 0.40 per cent devaluation from the N522.00 it exchanged hands with the hard currency in the previous session on Thursday.

Similarly, the currency fell against at the FMDQ Security Exchange window where forex is officially traded on Friday.

According to data posted, the local unit exchanged hands with the greenback currency at N412.00 per $1 at the official market.

This translates to a N1.12 or 0.30 per cent decline from the N410.88 rate recorded in the previous session on Thursday.

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It staged an intraday high of N400.00 and a low of N413.00 at the trading session before closing at N412.00 on the dot.

This happened as Forex turnover soared by 47.00 per cent with $216.52 million recorded as against the $147.31 million posted in the previous session on Thursday.

The spread between the official and parallel market rates stood at N112.00 as of the close of business on Friday, leaving a margin of 21.40 per cent.


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