Naira fell against the U.S. dollar at the official market on Wednesday, data posted on the FMDQ Security Exchange where forex is officially traded showed.
The domestic currency closed at N411.50 per $1 at the Nafex window, the data posted showed. The currency recorded a significant gain at the previous session on Tuesday.
The currency’s performance on Wednesday represents a N1.50 or 0.37 per cent depreciation from N410.00 the rate it traded in the previous session on Tuesday.
This became evident as forex turnover soared marginally from what was recorded in the previous session on Tuesday.
The Forex turnover at the Over-the-Counter (OTC) market segment increased by 14.00per cent with $192.75 million posted as against the $169.07 million recorded in the previous session on Tuesday.
The local unit experienced an intraday low of N430.00 and a high of N400.00 before closing at N411.50 on Wednesday.
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The last time the currency traded at N411.50 on the dot was on June 17.
However, the naira remained stable against the U.S dollar at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
According to data posted, the local unit exchanged hands with the hard currency again at N500.00 per $1 on the dot at the black market on Wednesday.
Based on this, the spread between the parallel market and Nafex window rates is pegged at N88.50. This translates to a disparity of 17.70per cent as of the close of business on Wednesday.
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