Naira falls at official window, as black-market traders wait to profit

Following three days of gains, the Nigerian currency fell against the US dollar in the official market on Thursday.

Data obtained from FMDQ securities showed Nigerian currency closed at the Investors and Exporters window at N415.07 to a dollar yesterday.

Thursday rate was a N1.00 or 0.24 per cent depreciation from the N414.07 rate it exchanged on Wednesday.

This happened as Forex turnover dropped by 69.20 per cent with $103.16 million recorded on Thursday as against the $334.97million posted at the close of business in the previous session on Wednesday.

Read also: Naira falls further at official market

During trade, the Nigerian currency staged an intraday high of N405.00 and a low of N424.25 before closing at N415.07 to a dollar on Thursday.

Similarly, Naira fell against the American currency at the interbank segment of the market as the exchange rate closed at N410.91/$1 in contrast to N410.89/$1 it ended a day earlier, indicating a fall of 2 kobo or 0.01 per cent.

At the black-market rates remained at N570-575 according to traders at Ikeja, Lagos who spoke to Ripples Nigeria.

However, dealers cautioned that it might change in the following days depending on market pressure.

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