Naira loses in official black markets


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

According to, 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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