Naira weakens at parallel market

at the unofficial market window on Thursday, as it exchanged hands with the greenback currency at N508.00 per $1.

However, the local unit gained marginally against the U.S. dollar at the official market segment after maintaining stability in the last three consecutive sessions. According to abokiFX.com, the currency closed with a N2.00 or 0.40 per cent devaluation from the N506.00 rate it traded in the previous session on Wednesday.where forex is officially traded showed that the naira closed at N411.25 per $1, this implies a N0.25 or 0.10 per cent appreciation from N411.50 rate it exchanged hands with the hard currency in the previous session on Wednesday.

It experienced an intraday high of N400.00 and staged a low of N413.00 before settling at N411.25 at the Nafex window. This occurred as forex supply plummeted by 18.14 per cent, with $103.90 million posted at the end of the market session as against the $126.92 million recorded in the previous session on Wednesday.

Naira is as weak as our bubu

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