BY EMEKA EJERE
Despite gaining slightly against the U.S. dollar at the official market on Friday as shown by data posted on the FMDQ Security Exchange where forex is officially traded, activities at the black market have continued to show that the free fall of the local currency is far from over.
According to FMDQ, the currency closed at N411.67 per $1 on Friday, a 0.01 appreciation from the N411.71 rate it traded in the previous session on Thursday.
The naira reached an intraday high of N400.00 and a low of N412.00 during the trading session before settling at N411.67 at the close of business on Friday.
Forex supply decreased 57 per cent with $57 million recorded as against the $132 million posted in the previous session on Thursday.
However, abokiFX.com, a website which collates parallel market rates in Lagos showed naira remained stable at the parallel market segment on Friday. The currency closed at N520.00 per $1, the same rate it traded in the previous session on Thursday.
The spread between the official and black market rates is pegged at N108.33 as of the close of business on Friday, leaving a margin of 21.00 per cent.
The local currency had fallen against the U.S. dollar at the black market Thursday, according to data posted on abokiFX.com. The currency had closed at N520.00 per $1 as against the N517.00 rate it traded in the previous sessions on Wednesday.
The currency’s performance on Thursday represents a N3.00 or 1.00 per cent devaluation from the N517.00 per $1 it exchanged hands with the greenback in the previous session on Wednesday.
The last time the naira traded at N520.00 per $1 at the black market segment was on July 29. The currency also fell slightly against the U.S dollar at the official window on Thursday after recording a marginal loss in the previous session on Wednesday.
The market forex supply increased by 17.00 per cent with $132.31 million recorded as against the $113.17 million published in the previous session on Wednesday.