Naira falls further at black market

Naira fell slightly against the U.S. dollar at the unofficial market on Tuesday, after maintaining stability at the black market for three consecutive sessions.

However, the naira gained at the official market session as forex turnover plummeted at the close of the trading segment.

According to abokiFX.com, a website that collates parallel market rates in Lagos, the local unit closed at N521.00 per $1 on Tuesday. This implies a N1.00 or 0.20 per cent devaluation from N520.00 rate it has been trading since August 19 last week.

Meanwhile, at the FMDQ Security Exchange where forex is officially traded, the local unit closed at N411.00 per $1 at the official market.

This implies a N0.83 or 0.20 per cent appreciation from the N411.83 rate it traded in the previous session on Monday.

The local currency reached an intraday high of N400.00 and a low of N413.00 during the trading session before settling at N411.00 at the close of business on Tuesday.

Forex supply decreased by 55.40 per cent with $77.46 million recorded as against the $173.64 million published in the previous session on Monday.

The margin between the official and black market rates is pegged at N110.00 as of the close of business on Tuesday, leaving a spread of 21.11 per cent. Premiumtimesng

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