The naira closed at another record low against the dollar Thursday at both spot and forwards markets as the currency’s volatility continues after the central bank eased controls last week.
The currency closed at 765.13 to a dollar at the spot segment of the investors and exporters window, having reached a high of 801, according to data from FMDQ where the currency is traded.
At the forwards segment, the one-month contract was quoted at 760, down from 730 at Wednesday’s close, Reuters reported quoting its Refinitiv data.
The spot market is where currencies are exchanged immediately, while the forwards market enables traders to establish contracts to exchange currencies at a predetermined rate on a future date.
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The naira has traded at steeply fluctuating rates since the Central Bank of Nigeria removed controls in a bid to unify exchange rates.
On Wednesday, it touched a high of 815 before rallying to close at 763.17 – both record lows.
At the parallel market, traders told Pluboard on Wednesday and Thursday that the buy rate moved between 760 and 763, and sell went to an average of 770.
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