The currency lost at the parallel market but rose at the official market.
The naira fell against the U.S dollar at the unofficial market on Wednesday after it remained stable in the last three market sessions respectively.
However, the local unit gained slightly at the Investors and Exporters (I&E) window of the forex market.
According to abokiFX.com, the local currency closed at N515.00 per $1 at the parallel market, which implies a N5.00 or 0.97 per cent devaluation from the N510.00 rate it traded in the past three market sessions.
The last time it closed at N515.00 per $1 on the dot was July 30 last month, three days after the Central Bank of Nigeria (CBN) banned forex sales to Bureau De Change operators.
Meanwhile, data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.40 per $1 on Wednesday after it maintained stability in the last three consecutive sessions of the market.
This represents a N0.10 or 0.02 per cent appreciation from the N411.50 rate it has traded in the last three market sessions.
The currency hit an intraday high of N400.00 and clinched a low of N412.50 before settling at N411.40 at the Nafex window on Wednesday.
This occurred as forex turnover remained unchanged at $122.52 million, the same amount recorded in the previous session on Tuesday.
The spread between the Nafex and black market rates is pegged at N103.6, leaving a margin of 20.11 per cent as of the close of business Wednesday.
Source: Premium Times
