Naira Drops At Parallel Market, Gains On I&E Window


Naira plummeted against the the United States dollars at the unofficial market on Friday, data posted on AbokiFX, a website that collates the parallel market rate in Lagos, showed.

According to the data published, the naira was exchanged at the black market segment on Friday at N950 per dollar amidst a surge in demand for the greenback .

The rate implies a 0.53 per cent depreciation from N945 to a dollar the dollar was exchanged in the previous segment of the market on Thursday.

However, the local unit clinched a significant gain against the dollar at the Investors’ and Exporters’ (I&E) forex window on Friday.

According to market data published by FMDQ on its website, the local currency closed at N756.91 to a dollar on Friday as against N780.00 it traded in the previous session on Thursday.

The rate implies a N23.1 or 3 per cent appreciation from N780.00 per $1 recorded in the previous segment on Thursday.

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