THE VALUE OF NAIRA FALLS AGAINST THAT OF THE US DOLLAR.

 


Naira fell against the U.S. dollar at the parallel market Wednesday, days after CBN adopted the Nafex exchange rate.

The local unit closed at N 493.00 at the black market, a 1.23 percent fall from N487.00 it traded on Tuesday, update posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

The last time that naira currency touched and closed at N493 at the parallel market was on May 4, 2020.

However, the currency has gained marginally against the U.S dollar at the Investors and Exporters (I&E) window also known as the official Nafex market, also known as the I&E window on Wednesday.

It closed at N411.50 to the dollar, a N0.06 or 0.02 per cent appreciation from N411.56 it traded in the previous session on Tuesday.

The currency has touched an intraday low of N420.25 and a high of N363.00, according to an update posted on the FMDQ Security Exchange where forex is officially traded.

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