Business
One dollar now N499, Euro N605, British pounds N703
The pressure on the Nigerian currency continues to mount, as it is currently one step away from entering the N500/$1 mark on the parallel market of foreign exchange (forex) market
According to abokifx statistics, the naira closed on Thursday at N499 to the US dollar. This is a N1.00 or 0.20 percent depreciation from the N498.00 exchange rate with the US dollar on Wednesday.
The continued fx pressure also saw Naira crashed further against the British Pound Sterling, and Euro at the black market on Thursday.
The Naira declined by N3 to sell for N703/£1 on Thursday, down from N700/£1 on Wednesday.
Read also: Naira depreciation, fall in oil price cost wealthy Nigerians $18bn
It also dropped N4 against the Euro, closing at N602/€1 from N598/€1 the previous day.
The local currency, however, rose marginally against the US dollar in the Investors and Exporters (I&E) window the official foreign exchange market on Thursday, data posted on the FMDQ Security Exchange, shows.
The Naira at the window closed at N410.90, representing a 0.04 percent increase over the previous session’s rate of N411.06.
Foreign exchange supply on Thursday declined by 14.17 percent, with $140.76 million reported as opposed to $164.00 million reported in the previous session on Wednesday.
At the end of trading yesterday, the difference between official and unofficial market was at N88.1 up from N86.94 it stood on Wednesday.
By David Ibemere…
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