Naira loses further at black market


Also, the currency weakened at the parallel market.

Naira closed at N410.00 at the trading session of the I&E window on Friday, a N1.00 or 0.25 per cent devaluation from N409.00 it closed at the previous session on Thursday.

The domestic currency experienced an intraday high of N390.00 and a low of N412.20, before closing at N410.00 on Friday.

The depreciation of the local unit occured as turnover dipped by 66.75 per cent, with $63.88 million recorded as against the $192.11 million posted on Thursday.

Also, at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency fell.

According to the data posted, the currency closed at N485.00, a N3.00 or 0.62 per cent depreciation from N482, which it exchanged hands with the greenback currency on Thursday.

By this, the spread between the unofficial market and the I&E window exchange rate at N75.00, which translates to a gap of 18.30 per cent.

The CBN’s official rate on Friday was still N379 per dollar.

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