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Naira weakens at parallel market

by Good News

The naira fell against the U.S. greenback on the unofficial market window on Thursday, as it exchanged hands with the greenback forex at N508.00 per $1.

On the replacement hand, the native unit won marginally against the U.S. greenback on the reliable market section after asserting stability within the final three consecutive classes.

In line with abokiFX.com, the forex closed with a N2.00 or 0.40 per cent devaluation from the N506.00 fee it traded within the old session on Wednesday.

Additionally, files posted on the FMDQ Security Alternate where forex is formally traded showed that the naira closed at N411.25 per $1, this implies a N0.25 or 0.10 per cent appreciation from N411.50 fee it exchanged hands with the laborious forex within the old session on Wednesday.

It skilled an intraday high of N400.00 and staged a low of N413.00 before settling at N411.25 on the Nafex window.

This occurred as forex offer plummeted by 18.14 per cent, with $103.90 million posted on the end of the market session as against the $126.92 million recorded within the old session on Wednesday.

The unfold between the reliable market and the unofficial market charges stood at N94.75, leaving a margin of 18.73 per cent as of the stop of enterprise Thursday.

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