Naira slips further at official market

However, the currency remained stable at the black market window.

Data posted by FMDQ, where forex is officially traded, showed that the local unit closed at N412.00 per $1 at the official market. This represents a N1.00 or 0.20 per cent devaluation from the N411.00 rate posted in the previous session on Tuesday. The currency reached an intraday high of N400.00 and a low of N413.00 during the trading session before settling at N412.00 at the close of business on Wednesday.

Forex supply soared by 133.00 per cent with $180.19 million recorded as against the $77.46 million posted in the previous session on Tuesday.

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