Naira gains at official market

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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 abokiFX.com, 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.

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