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Dollar to Naira in the News – Naira Gains and Losses at the Official, Black Markets

Dollar to Naira in the News - Naira Gains and Losses at the Official, Black Markets

Dollar to Naira in the News – Naira gains and losses in the official black market is necessary for every citizens to have knowledge about.

If you have dollars in Nigeria and wishes to change it to Naira, here is a good news for you to have knowledge about naira gains and losses.

Naira Losses at Official Market

In the news review, naira has been reported to fell marginally against the U.S. dollar at the parallel market on Wednesday after it remained unchanged for the past two days.

The currency also fell at the official market after maintaining steady gains in the last two sessions.

Data posted on abokiFX.com, a website that collates dollar to naira parallel market rates in Lagos showed that the naira closed at N503.00 per $1 at the black market window on Wednesday.

This represents a N1.00 or 0.20 per cent devaluation from N502.00 it traded in the last two previous sessions.

Also, data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 at the Nafex window.

This represents a N0.67 or 0.16 per cent depreciation from the N410.83 rate it traded in the previous session on Tuesday.

The local unit clinched an intraday low of N420.95 and a high of N3400.00 before closing at N411.50 on Wednesday.

This happened as forex turnover dipped by 25.71 per cent, with $160.12 million recorded at the end of the market session as against the $215.53 million posted in the previous session on Tuesday.

The spread between the parallel market and the Over-the- Counter rates stood at N91.50, translating to a margin of 18.20 per cent as of the close of business on Wednesday.

Naira Gains at Official Market

Dollar to Naira news review on Tuesday by NewsNaira reported naira gained against the U.S. dollar  at the official market, a day after a major slip at the official and parallel markets.

Data posted on the FMDQ Security Exchange where forex is officially traded showed that the currency closed at N410.00 per $1 on the official Nafex window, as forex supply rose from what was recorded in the previous session on Monday.

Tuesday’s performance represents a 0.41 per cent appreciation from N411.67 it traded in the previous session on Monday.

Forex turnover increased by 79.54 per cent with $169.07 million posted as against the $94.17 million recorded in the previous session on Monday.

Naira hit an intraday low of N420.88 and a high of N387.67 before closing at N410.00 on the dot on Tuesday.

However, the currency remained stable against the U.S. dollar at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to data posted on abokiFX.com, the local unit exchanged hands with the hard currency again at N500.00 per $1 on the dot at the black market.

 

By implication, the spread between the parallel market and Nafex window rates is pegged at N90.00. This translates to a disparity of 18.00per cent as of the close of business on Tuesday.