Nigeria’s naira fell against the U.S. dollar at the unofficial market on Monday, data gleaned from abokiFX.com, a website that collates parallel market rates in Lagos showed.
The data posted showed that the naira closed at N486.00 at the black market, which represents a N0.1 or 0.21 per cent devaluation from N485.00 the rate it exchanged hands with the greenback currency on Friday last week.
The last time the local unit touched N486.00 was on April 21 last month.
Slight appreciation at I&E
However, the local currency gained slightly against the U.S. dollar at the I&E window of the foreign exchange market on Monday, as foreign exchange supply remained unchanged from the amount posted in the previous session on Friday last week.
Data posted on the FMDQ Security Exchange where forex is officially traded showed that the domestic unit closed at N411.25 at the trading session of the NAFEX window.
Monday’s performance represents a N0.75 or 0.18 per cent appreciation from N412.00 it traded in the previous session on Friday last week.
The last time the currency hovered around the rate of N411.00 and above was on May 20 last week, when it exchanged hands with the hard currency at N411.31 per $1.
Like the previous session on Friday last week, naira touched an intraday high of N394.00 and a low of N415.00 before closing at N411.25 on Monday.
This kept the spread between the unofficial market and the official window exchange rate at N74.75, which translates to a margin of 15.38 per cent.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...