Naira loses in official black markets

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The naira fell against the US dollar at official and unofficial rates on Friday, according to data released on both trading sessions.

According to abokiFX.com, the local currency closed at N 510.00 for $ 1 on the black market, which is a devaluation of N 2.00 or 0.40% from the N 508.00 rate it traded in the the previous session Thursday.

Likewise, data published on the FMDQ Security Exchange, where forex is officially traded, showed the naira closed at N411.50 to $ 1 on Friday.

This implies a devaluation of 0.25N or 0.10% against the 411.25N rate that it traded with the hard currency in the previous session on Thursday.

The currency hit an intraday high of N400.00 and recorded a low of N 413.00 before settling at N 411.50 at the Nafex window, the same rates it touched in the previous session Thursday.

READ ALSO: Naira wins at the official market

This came as the currency supply was unchanged at $ 103.90 million in Thursday’s previous session.

With that, the spread between official market and unofficial market rates is set at N98.50, leaving a margin of 19.31 percent at close of business on Friday.

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