Naira about to hit the 500 mark against $1 as the slide continues

Wednesday, 02 June 2021 05:36

Naira about to hit the 500 mark against $1 as the slide continues

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The naira fell against the U.S dollar at the parallel market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data posted, the naira closed at N498.00, this represents a 0.61 per cent depreciation from N495.00, the rate it exchanged hands with the hard currency in the last three consecutive sessions.

However, the currency remained stable against the U.S dollar at the Investors and Exporters (I&E) window on Tuesday.

Data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N412.00, the same rate it traded in the previous session on Monday.

The currency’s performance on Tuesday became effective as foreign exchange supply plummeted further by 22.74 per cent, with $96.91 million posted as against $125.44 million exchanged in the previous session on Monday.

Like in the previous session on Monday, the Naira experienced an intraday low of N420.33 and a high of N400.00 at the Nafex window.

With this, the spread between the black market and official market rates currently is pegged at N86.00, translating to a margin of 17.27 per cent as of the close of business on Tuesday.