Naira declines at black market first time in three days

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The currency lost at the parallel market but rose at the official market.

The naira fell against the U.S dollar at the unofficial market on Wednesday after it remained stable in the last three market sessions respectively.According to, the local currency closed at N515.00 per $1 at the parallel market, which implies a N5.00 or 0.97 per cent devaluation from the N510.00 rate it traded in the past three market sessions.

The last time it closed at N515.00 per $1 on the dot was July 30 last month, three days after the Central Bank of Nigeria Meanwhile, data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.40 per $1 on Wednesday after it maintained stability in the last three consecutive sessions of the market.

This represents a N0.10 or 0.02 per cent appreciation from the N411.50 rate it has traded in the last three market sessions.

 

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