Naira loses at black market first time in five days

weakened against the U.S. dollar at the parallel market window on Wednesday after the rate remained stagnant in the last five consecutive trading sessions of the unofficial market., a website that collates parallel market rates in Lagos, the local unit closed at N517.00 per $1 on Wednesday, as against the N515.00 per $1 rate it traded in the past five market sessions respectively.

Wednesday’s performance represents a N2.00 or 0.40 per cent devaluation from the N515.00 rate it exchanged hands with the hard currency in the last five previous sessions simultaneously. Similarly, the naira fell marginally against the U.S dollar at the official market on Wednesday, as forex turnover remained unchanged from what it was in the previous session on Tuesday.

Data published on the FMDQ Security Exchange where forex is officially traded showed the domestic currency closed at N411.75 per $1 on Wednesday.

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