Naira slides on official window

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The naira fell marginally against the U.S dollar at the I&E window of the foreign exchange market on Monday as foreign exchange supply plummeted significantly.

According to data posted on the FMDQ Security Exchange window where forex is officially traded, the local currency (naira) closed at N410.67 at the trading session of the NAFEX window on Monday.

The performance on Monday represents N0.34 or 0.08 per cent depreciation from N410.33, the rate it traded in the previous session on Friday last week.

This came to be as foreign exchange supply nosedive significantly. The forex turnover decreased by 77.74 per cent, with $32.61 million recorded as against the $146.52 million posted in the previous session on Friday last week.

The naira touched an intraday high of N401.10 and a low of N422.00 before closing at N410.67 on Monday.

The last time the domestic currency hovered around N410.00 and above was on May 7 last week.

However, the naira remained unchanged against the U.S. dollar at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

Data posted showed that the naira closed at N483.00 at the black market, the same rate it traded in the previous session on Friday last week.

Based on the status of the currency at the forex markets as stated above, the spread between the parallel market and the official market exchange rate is pegged at N72.33 which translates to a gap of 14.96per cent.

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