Naira loses further at black market

fell against the U.S. dollar at the black market Thursday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to abokiFX.com, the currency closed at N520.00 per $1 as against the N517.00 rate it traded in the previous sessions on Wednesday. The currency’s performance on Thursday represents a N3.00 or 1.00 per cent devaluation from the N517.00 per $1 it exchanged hands with the greenback in the previous session on Wednesday.The currency also fell slightly against the U.S dollar at the official window on Thursday after recording a marginal loss in the previous session on Wednesday.

Data recorded on the FMDQ Security Exchange where forex is officially traded showed the currency closed at N411.67 per $1 on Thursday. This implies a N0.08 or 0.02 per cent appreciation from the N411.75 rate it exchanged in the previous session on Wednesday.

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