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Naira falls to N522/$1 at black market



The Nigerian currency again traded weaker against the U.S dollars at the unregulated segment of the foreign exchange (forex) as currency dealers continued to take advantage of customers seeking quick access to the dollars.

According to data from Abokifx, Naira depreciated by N1 against the US Dollar at the market on Thursday, August 26 to trade at N522/$1 compared to N521/$1 it was sold at the previous session.

However, the Naira exchange rate remained constant from Wednesday versus the Pound Sterling and the Euro on the black market, at N712/£1 and N605/€1, respectively.

But at the Investors and Exchange (I&E) window where forex is officially traded the currency gained against U.S dollars.

Read also: Naira weakens at official market, as banks ask customers to return unused dollars

FMDQ Security Exchange data showed that the Naira gained N1.12 or 0.27 per cent against U.S Dollars to close Thursday trade at N410.88/$1 compared with N412/$1 it quoted on Wednesday.

During trading on Thursday, Naira hit an intraday high of N400.00 and a low of N413.00 during the trading session before closing at N410.88 on Thursday.

This happened as the market Forex supply soared by 18.25 per cent with $147.31 million recorded as against the $180.19 million posted in the previous session on Wednesday.

As a result, the difference in the official and unofficial exchange rates between the Naira and the US dollar closed at N111.12 on Thursday.

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