Naira inches close to N550/$1, exchanges at N730/£1


On Wednesday, the Naira fell further on the parallel side of the foreign exchange (FX) market, as mounting pressure devalued the local currency by N3.

Naira fell against the U.S. dollar at the parallel market on Wednesday after maintaining stability in the previous session of the market segment.

According to abokiFX, the Nigerian currency exchanged hands with the dollar at N535 per $1.This compared to the N532.00 it was sold at the previous session.

Similarly, at the black market, Naira lost N3 against the British Pound Sterling yesterday to sell at N733/£1 in contrast to N730/£1 it was exchanged on Tuesday.

While against the Euro, it depreciated by N3 to settle at N629/€1 in contrast to N626/€1 of the preceding day

The Naira also closed at the official market weaker to the U.S dollars despite a significant rise in foreign exchange supply.

Read also: Naira gains at official market as CBN promises to close exchange rates gap

According to data posted on FMDQ securities exchange window where forex is officially traded, naira exchanged hands with the hard currency at N411.50 per $1 at the segment.

This implies a N0.83 or 0.20 per cent depreciation from the N410.67 rate it traded in the previous session on Tuesday.

Foreign exchange supply increased by 130.60 per cent with $295.39 million recorded at the market segment as against the $128.11 million posted in the previous session on Tuesday.

During trading on Wednesday, participants bid for Naira at N400 and N412.16 before closing at N411.50.

Following close of business on Wednesday, the difference between the official and unofficial market stood at N123.50.

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