Nigeria’s Naira on Wednesday weakened by 0.98 percent against the dollar as demand increased at the parallel market, popularly called black market.
After trading on Wednesday, the naira/dollar exchange rate closed at N515/$ as against N510 closed on the previous day.
According to abokiFX.com, the local currency closed at N510.00 per $1 at the black market, the same rate it traded in the previous session on Friday last week.
Similarly, data published on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 per $1 on Monday, the same rate it exchanged hands with the hard currency on Friday last week.
The naira saw an intraday high of N400.00 and staged a low of N412.90 before settling at N411.50 at the Nafex window, the same rates it touched in the previous session on Friday last week.
The forex turnover rose by 60.00 per cent with $166.06 million posted as against the $103.90 million recorded in the previous session on Friday last week.
The disparity between the official and unofficial market rates is pegged at N98.50, leaving a margin of 19.31 per cent as of the close of business Monday.