Tuesday, June 3, 2025
The Lagos Today
  • Login
No Result
View All Result
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

Naira Falls Below N500 In Parallel Markets, Lowest Since 2017

by Eucharia Egwuma
June 5, 2021
in Business, Headlines
Reading Time: 2 mins read
0
0
Naira Slopes in Parallel Market
Share on FacebookShare on Twitter

The woes of the Naira continued, yesterday, as it slumped to its lowest level at the parallel market  crossing the N500 mark. This is it’s lowest since 2017. 

At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the greenback at N502, a 0.60 decline from N499 it traded on Thursday.

The margin is significant as naira had been at or below N500 for months, when it exchanged hands with the local currency at N500.00 on the dot on November 27 last year.

Hope at I&E Window

However, the unit gained slightly against the dollar at the official market, also known as the Investors and Exporters (I&E) window, data posted on the FMDQ Security Exchange where forex is officially traded showed.

The naira closed at N410.75, a 0.04 per cent appreciation from N410.90 it traded in the previous session on Thursday.

This occurred as foreign exchange supply skyrocketed substantially by 64.10 per cent, with $230.93 million posted as against $140.76 million recorded in the previous session on Thursday.

It touched an intraday low of N428.27 and oscillated to a high of N400.00 at the Nafex window, before closing at N410.75 on Friday.

The last time the currency hovered around the rate of N410.00 and above was on June 3.

By this, the disparity between the black market and official market rates widened further to N91.25 from N88.1 it stood at the close of business in the previous session on Thursday.

Share this:

  • Facebook
  • X

Like this:

Like Loading...
Tags: NairaParallel Market
Previous Post

Maritime Security: FG To Debut Deep Blue Project in Lagos

Next Post

COVID-19: Lagos records 16 new cases, with zero fatality

Eucharia Egwuma

Eucharia Egwuma

Related Posts

NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

by Iyanu Ale
May 5, 2025
0

In a move poised to transform how African businesses manage financial transactions, South African fintech startup NjiaPay is streamlining payments...

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

by Iyanu Ale
May 2, 2025
0

Ghanaian energy tech startup Kofa has successfully raised $8.1 million in a pre-Series A funding round to scale its AI-powered...

Next Post
LASG Says Asymptomatic Residents Must Pay For Covid-19 Test

COVID-19: Lagos records 16 new cases, with zero fatality

Please login to join discussion

Recommended

Dangote Promises to Protect Shorelines in Lagos Coastal Communities

Building collapse: Block making Academy to be established by Dangote

2 years ago
Lagos State to Upgrade Estates to Enhance Quality of Life

Lagos Government Harps Lekki, Ajah Property Developers On Compliance With Master Plan

5 years ago

Popular News

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Economic and Financial Crimes Commission EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu House of Representatives Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Nigeria Customs Service Nigerian Economy Nigeria Police Force Rape Strike action TECH UK United Kingdom US

    News

    Opinion

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result

    © 2020 The Lagos Today - Nkali.

    %d