The Nigerian Currency ‘Naira’ depreciated significantly against the U.S. dollar at the black market on Thursday as the currency now exchanged with the greenback currency at N540.00 to $1 the lowest rate ever traded at the segment.
The drop translates to a N5.00 or 0.94% devaluation from the N535.00 it traded on Wednesday.
Similarly, the domestic currency fell slightly against the U.S. dollar at the official Investors and Exporters (I&E) window as the foreign exchange supply decreased sharply.
According to data posted on the FMDQ securities exchange window where forex is officially traded, naira exchanged hands with the hard currency at N411.67 per $1 at the segment.
This implies a N0.17 or 0.04% depreciation from the N411.50 rate it traded in the previous session on Wednesday.
This became effective as forex supply decreased by 61.20% with $114.68 million recorded at the market session against the $295.39 million posted in the previous session on Wednesday.
The naira staged an intraday high of N400.00 and a low of N412.85 at the trading session before closing at N411.67 at the close of business on Thursday.
The spread between the official and unofficial market rates stood at N128.33 as of the close of business on Thursday, which leaves a margin of 23.80%.