Naira gains at official market


Don't forget to Share on Facebook

The Naira appreciated marginally against the U.S Dollar at the I&E window of the foreign exchange market on Monday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

However, the local unit remained unchanged at the black market.

The domestic currency closed at N409.13 at the trading session of the I&E window, this represents N0.87 or 0.21 per cent increase from N410.00, the rate at which it closed at the previous session on Friday, last week.

Naira experienced an intraday high of N400.00 and a low of N410.50, before closing at N409.13 on Monday.

The slight gain in Africa’s most populous country’s currency became pronounced as turnover plummeted by 57.42 per cent, with $30.84 million recorded as against the $72.43million posted on Friday, last week.

However, naira remained stable at the unofficial market on Monday, data posted on, a website that collates parallel market rates in Lagos showed.

According to data posted, the naira closed at N485.00 on the black market on Monday, the same rate it exchanged hands with the greenback in the previous session on Friday last week.

By this, the spread between the unofficial market and the I&E window exchange rate is pegged at N75.87, which translates to a gap of 15.64 per cent.

Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401…

PT Mag Campaign AD

Visit Original Source link

Don't forget to Share on Facebook