Naira fell significantly on Friday at the I&E window below 411.88 against the US dollar, the first time it would hit that mark in nearly three months.

The decline occurred as the supply of foreign currency fell sharply.

Likewise, the domestic unit collapsed in the parallel market after remaining stable for the last four consecutive trading sessions during the week.

Data published on FMDQ security exchange The window where the forex is officially traded showed that the currency closed at N412.00 at the NAFEX window on Friday.

This represents a depreciation of N0.69 or 0.17% against the N411.31 rate negotiated in the previous session on Thursday.

The amortization became effective as forex revenue fell 25.30 percent to $ 89.72 million recorded from $ 120.08 million posted in the previous session on Thursday.

Naira hit an intraday high of N394.00 and a low of N415.00 before closing at N412.00 on Friday.

The national currency last touched the benchmark N412.00 in the over-the-counter (OTC) market on March 9, just after trading hands with the dollar in the previous March 8 session at 411. , 88 N – the second lowest rate. the currency traded in almost three months.

Black market too

The naira also weakened against the US dollar in the unofficial market on Friday, data showed on abokiFX.com, a website that collects rates from the parallel market in Lagos.

READ ALSO: CBN clears exchange rate on website as Naira drops

The currency closed at N485.00 on the black market, this represents a devaluation of N0.1 or 0.21% from N484.00, the rate at which it has been trading since May 14th.

The last time the currency closed at N485.00 on the parallel market point was on May 6.

This fixed the disparity (spread) between the parallel market and the official market exchange rates at N73.00, which translates to a spread of 15.10 percent.



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