Naira fell further against the U.S. dollar at the black market on Friday as the currency exchanged hands with the hard currency at N545.00 per $1, data published on, a website that collates the parallel market rates in Lagos showed.

This represents a N5.00 or 0.93 per cent devaluation from N540.00 it traded on Thursday.

Also, the local currency lost further against the U.S dollar at the official Nafex window on Friday.

This occurred as foreign exchange supply sharply decreased at the market session.

According to data posted on the FMDQ securities exchange window where forex is officially traded, naira closed at N412.00 per $1 at the official window on Friday.

This translates to a N0.33 or 0.08 per cent devaluation from the N411.67 it exchanged in the previous session on Thursday.

ALSO READ: Naira in another record fall at black market

The foreign exchange turnover decreased by 22.92 per cent with $88.39 million recorded at the market session against the $114.68 million posted in the previous session on Thursday.

Naira touched an intraday high of N400.00 and a low of N413.00 at the trading session before closing at N412.00 on Friday.

The spread between the official and unofficial market rates is pegged at N133.00 as of the close of business on Friday, which leaves a margin of 24.40.


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