Naira Watch
Naira remains stable at official market, falls at black market
The naira maintained stability against the U.S dollar at the official market, but dropped in value at the black market on Thursday.
Data posted on the FMDQ Security Exchange, where forex is officially traded, showed that it closed at N436.32 on Thursday at I&E window, the same rate it exchanged hands with on Wednesday.
During trading, the domestic currency hit an intraday low of N425.00 and a high of N437.50 before closing at N436.32.
This became effective as forex supply in the market reduced to $37.50 million.
Read also: Naira falls to record low against US dollar, as CBN defence firepower wanes
However, on the black market, Naira again dropped in value against the U.S. dollar in the parallel market.
According to @naira_rates, a Twitter handle that tracks black market rates, the Naira weakened from N693.042 to a dollar on Thursday from N691.13 it exchanged on Wednesday.
By this, the disparity (spread) between the parallel and official market rates stands at N256.722.
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