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Naira fails to recover at black market, hits new low

Naira fell significantly against the U.S dollar at the parallel market on Wednesday, as the currency exchanged hands with the hard currency at N562.00 per $1.

This implies a N5.00 or 0.90 devaluation from the N557.00 it traded on Tuesday.

Meanwhile, the naira remained stable against the greenback currency at the official market on Wednesday, as foreign exchange turnover remained unchanged from what was posted in the previous session on Tuesday.

Data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 at the official window on Wednesday, the same rate it exchanged on Tuesday.

Also, the forex turnover remained unchanged with $175.10 million recorded at the spot market, the same rate posted in the previous session on Tuesday.

The domestic unit hit an intraday high of N400.00 and a low of N414.90 at the trading session before closing at N412.06 on Wednesday.

The spread between the official and unofficial market rates is pegged at N149.94 as of the close of business on Wednesday, which translates to a margin of 26.70 per cent.

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