Naira weakens at official window

What to know about Naira 'devaluation', Nigeria's unclear exchange rate policy

The naira fell against the U.S dollar at the Investors and Exporters (I&E) window on Friday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

However, the currency remained stable at the parallel market.

At the Nafex window, data posted showed that the domestic currency closed at N412.00 to the dollar, a 0.24 per cent depreciation from N411.00 it traded in the previous session on Thursday.

This became evident as foreign exchange supply plummeted by 55.50 per cent, with $156.06 million posted as against $350.65 million posted in the previous session on Thursday.

The naira witnessed an intraday low of N430.00 and a high of N400.00, according to the FMDQ data posted.

The last time the currency traded at N412.00 was on May 21.

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Meanwhile, the local unit remained stable at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

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According to the data posted, the naira closed at N495.00, the same rate it exchanged hands with the hard currency in the previous session on Thursday.

Based on this, the disparity between the black market and official market rates currently stands at N83.00. This translates to a margin of 16.80 per cent as the close of business on Friday.

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