Naira stable at official, black markets


The naira maintained stability against the U.S. dollar at both the official and parallel market segments on Thursday.

Data posted on the FMDQ Security Exchange where forex is officially traded showed that the local unit closed at N411.20 per $1 at the Nafex window, the same rate it traded in the previous session on Wednesday.

This occurred as the domestic currency staged an intraday low of N412.50 and a high of N400.00 before closing at N411.20 as of the close of business on Thursday.

Forex supply slumped by 42.2 per cent, with $123.69 million recorded at the end of the market session as against the $213.99million recorded in the previous session on Wednesday.

Similarly, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed that the naira closed at N505.00 per $1 at the black market window on Thursday, the same rate it has been trading since July 9.

The spread between the black market and the official window rates remained unchanged at N93.78, leaving a margin of 18.60 per cent as of the close of business on Thursday.

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