Friday, 20 August 2021

Naira loses further at black market

on August 20, 2021 0 Comment
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Naira fell against the U.S. dollar at the black market Thursday, data posted on  abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to abokiFX.com, the currency 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.

Data recorded on the FMDQ Security Exchange where forex is officially traded showed the currency closed at N411.67 per $1 on Thursday.

This implies a N0.08 or 0.02 per cent appreciation from the N411.75 rate it exchanged in the previous session on Wednesday.

The currency saw an intraday high of N400.00 and a low of N412.25 during the trading session before settling at N411.75 at the close of business on Thursday.

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.

The spread between the official and black-market rates is pegged at N108.33 as of the close of business on Thursday, leaving a margin of 21.00 per cent.

Source: Premium Time Nigeria

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Olatuja Gabriel

Author: verified_user

Olatuja Gabriel is a volunteer of International Human Rights Commission, (IHRC) Special Monitoring Mission (SMM) to West Africa. He is an author, Radio/TV broadcaster and journalist and publisher. He's a chemical, Process and Safety Engineer. He has over a decade experience in Manufacturing Industry, Chemical Engineering and Renewable Energy. Gabriel is an Information Technology investor. He's founder of Virtual Doctors Limited that makes healthcare available to all via digital technology. He is a Chartered Customer Relationship Manager and a Business and Marketing Strategist. He is a pastor at Opulent Christian Assembly Inc., Nigeria. He also serves as a musician at Loveworld (Christ Embassy). He enjoys Playing Saxophone and Singing for God.

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