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Naira loses at black market

Naira fell against the U.S. dollar at the black on Friday after maintaining stability in the past two consecutive sessions of the market segment.

Data posted on, a website that collates the parallel market rates in Lagos, showed that naira closed at N504.00 per $1.

This implies a N1.00 or 0.20 per cent devaluation from the N503.00 rate it traded in the last two market sessions respectively.

However, the currency gained further against the U.S dollar at the official market segment on Friday.

Data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 per $1 on Friday.

Friday’s performance represents a N0.13 or 0.03 per cent appreciation from the N411.63 rate it traded in the previous session on Thursday.

It experienced an intraday low of N412.25 and a high of N400.00 before settling at N411.50 on Friday.

This happened as forex turnover dipped by 2.00 per cent, with $135.28 million recorded at the end of the market session as against the $137.83 million recorded in the previous session on Thursday.

By this, the spread between the black market and the official window rates stood at N92.50, which translates to a disparity of 18.40 per cent as of the close of business on Friday.


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