Finance

Naira gains at official market

Nigeria Naira

Naira strengthened against the U.S dollar at the official market on Wednesday, after the currency witnessed a marginal loss at the market segment in the previous session on Tuesday.

The local unit exchanged hands with the greenback currency at N414.80 to a dollar on Wednesday, data from FMDQ securities exchange windows where forex is officially traded showed.

The currency’s performance on Wednesday represents a N0.27 or 0.10 per cent depreciation from N415.07 it traded in the previous session on Tuesday.

Naira maintained an intraday high of N404.00 and a low of N444.00, the same range it touched in the previous on Tuesday, before closing at N414.80 to a dollar on Wednesday, recording a foreign exchange turnover of $133.37 million.

At the black market in Uyo, dealers said they exchanged the currency at N560.00 and sold at N565.00 to a dollar on Wednesday, while at Abuja, dealers exchanged the naira at N565.00 and sold at N568.00 to a dollar on Wednesday, the same rate it has been trading since the opening of the week sales.

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