The naira fell against the U.S. dollar at the official market on Friday after it gained slightly at the previous session.According to data posted on the FMDQ Security Exchange where forex is officially traded, the naira closed at N411.25 at the Nafex window.
This represents a N0.55 or 0.13 per cent devaluation from the N410.70 the rate it traded in the previous session on Thursday. The local unit touched an intraday low of N420.95 and a high of N394.00 before closing at N411.25 on Friday. This occurred as forex supply skyrocketed by 128.30 per cent, with $139.23 million recorded at the end of the market session as against the $61.00 million posted in the previous session on Thursday.a website that collates parallel market rates in Lagos showed that the naira closed at N503.00 per $1 at the black market window on Friday, the same rate it has been trading since June 30, last month.
The disparity between the parallel market and the Over-the- Counter rates staged at N91.75, translating to a margin of 18.24 per cent as of the close of business on Friday.