The Naira weakened against the U.S Dollar on the Investors & Exporters window of the foreign exchange market on Friday, according to data from the FMDQ Security Exchange market where currencies are officially traded.The domestic currency closed at N404.67 on Friday, implying a N4.67 or 1.17 per cent devaluation from N400.00 the rate it closed at the previous session on Thursday.
Naira depreciated against the greenback currency as turnover contracted by 22.10 per cent, with $96.50million recorded as against the $79.07million posted on Wednesday.The currency touched an intraday high of N386. 00 and oscillated to a low of N422.59 before closing at N404.67 on the spot market. On the parallel market, data posted on naijabdcs.com, the unofficial market that collates data in Lagos, Abuja, Kano and Port Harcourtwhere naira is traded, showed the currency gained, closing at N473.5 in Lagos and N473 in the other three states respectively. It closed at N475 on Thursday.
This leaves a spread of N68.83 between the unofficial market and the I&E window exchange rates, which translates to a gap of 14.54 per cent.
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