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