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Naira sees biggest fall in three months

The currency fell both at the official and parallel markets.

Naira on Friday fell significantly at the I&E window below the 411.88th mark to the U.S. Dollar, the first time it would reach that mark in nearly three months.

The decline happened as foreign exchange supply plummeted substantially.

Similarly, the domestic unit slumped at the parallel market after it remained stable in the past four consecutive trading sessions within the week.

Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the currency closed at N412.00 at the NAFEX window on Friday.

This represents a N0.69 or 0.17 per cent depreciation from N411.31 the rate it traded in the previous session on Thursday.

The depreciation became effective as forex turnover decreased by 25.30 per cent with $89.72 million recorded as against the $120.08 million posted in the previous session on Thursday.

Naira hit an intraday high of N394.00 and a low of N415.00 before closing at N412.00 on Friday.

The domestic currency last touched the N412.00 benchmark at the over-the-counter (OTC) market was on March 9, just after it exchanged hands with the dollar at the previous session of March 8 at N411.88—the second lowest rate the currency traded in almost three months.

Black market too
The naira also weakened against the U.S. dollar at the unofficial market on Friday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

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