Value Of Naira Nears ₦650 Per Dollar At Parallel Market

The value of the naira fell further in the parallel market on Thursday with the currency being sold for ₦646 per dollar, OduNews can confirm.

The naira depreciated by N6 or 0.94 per cent to quote at N646/$1 compared with the previous day’s N640/$1 and in the black market, the Naira appreciated by N2 0r 0.32 per cent to sell at N623/$1 as against Tuesday’s rate of N625/$1.

However, in the Investors and Exporters window on Wednesday, the naira fell against the US Dollar by N2.41 or 0.57 per cent to close at N426.58/$1 compared with the preceding day’s N424.17/$1 amid a 62.5 per cent or $239.56 million reduction in the day’s FX turnover.

In the interbank segment of the market, the Naira sustained its stability against the British Pound Sterling and the Euro as it closed at N492.09/£1 and N416.15/€1 apiece.

Meanwhile, Listing on Aboki Forex, a digital platform that informs users of the rates at which different currencies are traded on both official and unofficial markets, revealed that the naira, which traded for N620 against the dollar on Monday and N630 on Wednesday, has fallen to N645 as of Thursday afternoon.