• Monday, July 15, 2024
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Naira slides by 0.20 percent at the parallel market

Naira exchanges at N1,495 on black market

The naira on Wednesday weakened by 0.20 percent to N1,498/$ from N1,495/$ quoted on Tuesday, at the parallel market, also known as the black market, following demand pressure.

However, on the official market, the naira strengthened by 0.u6 percent to 1,473.66 per dollar from 1,483/$, on Monday, at the Nigerian Autonomous Foreign Exchange Market.

Data from FMDQ Securities also showed that the daily dollar supply surged to $385.91 million, a 138 percent increase from $161.69 million recorded on Monday, June 10.

During the trading day, the local currency traded at a high of N1,495/$ and a low of N1,415/$.