Nigerian naira backsides at official exchange

Obinwannem News Nigerian naira backsides at official exchange

The exchange rate of Naira against the United States dollar has continued to decline at the official market, also known as the Investors and Exporters (I&E) windows. This was confirmed on Tuesday’s data posted in FMDQ security exchange.

The domestic currency, however, remained stable at the black market.

According to data from I&E windows, it was observed that naira closed at ₦411.50, a 0.11percent decline from ₦411.07 it traded on Monday.

Naira experienced an intraday low of ₦421.96 and high of ₦400.00, at the Nafex window, before closing on Tuesday at ₦411.50.

This occurred as foreign exchange supply slumped by £58.52 percent, with $62.79 million recorded in the previous session on Monday.

However, the last time the currency closed at the rate of ₦411.00, and above, was on June 2.

Meanwhile, the naira on Tuesday, remained unchanged, at the parallel market, data posted on ‘abokifx . com,’ a platform that collates parallel market rates showed.

Data posted showed the domestic currency exchange lauds again with the hard currency at ₦502.00, the same rate has been trading since June 4, last week

To that effect, the difference between the black market, and official market was pegged at ₦90.50, translating to a margin of 18.03 percent as of the close of business on Tuesday.

Ijeoma Njoku reporting, Obinwannem News | June 9, 2021

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