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April 17, 2021

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Naira falls to near one-month low

2 min read


The naira fell to a near one-month low against the dollar on Wednesday, as foreign exchange supply declined significantly.

Data posted on the FMDQ Security Exchange where forex is officially traded showed that
the naira closed at N411.00 at the trading session of the Nafex window.

The last time the currency touched N411 or below was on March 10 when it closed at N411.13.

Wednesday’s performance represents a 0.12 per cent devaluation from N410.50, the rate at which the naira closed on Tuesday.

The currency experienced an intraday high of N405.00 and a low of N438.00.

The amount of dollar at the market fell by 70.96 per cent, with only $11.85 million recorded as against the $40.80 million.

Meanwhile, the fall did not immediately impact the parallel market, as naira remained stable there.

According to data posted on abokiFX.com, a website that collates parallel market rates in Lagos, the naira again closed at N485.00, the same rate it exchanged hands with the greenback since April 1.

The spread between the unofficial market and the I&E window exchange rate stood at N74.00, which translates to a gap of 15.26 per cent.

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