Naira Loses Further, What’s Next?

Naira Loses Further At Black Market, What’s Next?

Naira fell against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Friday, data from the FMDQ Security Exchange where forex is officially traded showed.

Also, the currency weakened at the parallel market.

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Naira closed at N410.00 at the trading session of the I&E window on Friday, a N1.00 or 0.25 per cent devaluation from N409.00 it closed at the previous session on Thursday.

According to the data posted, the currency closed at N485.00, a N3.00 or 0.62 per cent depreciation from N482, which it exchanged hands with the greenback currency on Thursday.

By this, the spread between the unofficial market and the I&E window exchange rate at N75.00, which translates to a gap of 18.30 per cent.

The CBN’s official rate on Friday was still N379 per dollar.