Finance

Naira gains at official market

Nigeria Naira

Naira clinched a meagre gain against the U.S. dollar at the official market on Tuesday as it exchanged hands with the foreign currency at N410.67 per $1.

This represents a N0.46 or 0.11 per cent appreciation from the N411.13 rate it traded in the previous session on Monday.

Foreign exchange supply dipped by 31.34 per cent with $128.11 million recorded at the market segment as against the $97.54 million posted in the previous session on Monday.

Naira touched an intraday high of N400.00 and a low of N412.95 at the trading session before closing at N410.67 at the close of business on Tuesday.

However, the currency remained stable at the black market window at the close of the day’s trading.

According to abokiFX.com, a website that collates the parallel market rates in Lagos, the currency exchange hands with the greenback currency at N532.00.The same rate it traded in the previous session on Monday.

The spread between the unofficial and official market rates stood at N121.33 as of the close of business on Tuesday, which leaves a disparity of 22.81 per cent.

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