Naira slides further at official, black markets

The naira fell against the U.S. dollar at both the official and parallel market on Wednesday marking a sharp reversal from the temporary gain achieved last week.  

The domestic currency depreciated 0.55% to close at N874.71 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed. 

This represents an N4.8 loss or a 0.55% decline in the local currency compared to the N869.91 it closed on Tuesday.  

The exchange recorded an intraday high of  N1097.50/$1, while the intraday low was N745.00/$1, representing a wide spread of N352.50/$1.  

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Forex turnover at the close of the trading was $223.52 million, representing a 60.1% increase compared to the previous day.  

Similarly, the naira weakened at the parallel market exchanging at N1130/$1, while peer-to-peer traders quoted around N1110.10/$1.