Naira weakened significantly against the U.S. dollar at the official market on Wednesday, even as forex turnover rose.
However, the currency remained stable at the black market window.
Data posted by FMDQ, where forex is officially traded, showed that the local unit closed at N412.00 per $1 at the official market.
This represents a N1.00 or 0.20 per cent devaluation from the N411.00 rate posted in the previous session on Tuesday.
The currency reached an intraday high of N400.00 and a low of N413.00 during the trading session before settling at N412.00 at the close of business on Wednesday.
Forex supply soared by 133.00 per cent with $180.19 million recorded as against the $77.46 million posted in the previous session on Tuesday.
According to abokiFX.com, a website that collates parallel market rates in Lagos, the local unit closed at N521.00 per $1 on Wednesday. The same rate it closed at the previous session on Tuesday.
The disparity between the official and parallel market rates stood at N109.00 as of close of business on Wednesday, leaving a spread of 20.92 per cent.
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