Finance

Nigeria’s naira gains at official market

Nigeria Naira

Naira gained against the U.S. dollar on Tuesday at the official market, a day after a major slip at the official and parallel markets.

Data posted on the FMDQ Security Exchange where forex is officially traded showed that the currency closed at N410.00 per $1 on the official Nafex window, as forex supply rose from what was recorded in the previous session on Monday.

Tuesday’s performance represents a 0.41 per cent appreciation from N411.67 it traded in the previous session on Monday.

Forex turnover increased by 79.54 per cent with $169.07 million posted as against the $94.17 million recorded in the previous session on Monday.

Naira hit an intraday low of N420.88 and a high of N387.67 before closing at N410.00 on the dot on Tuesday.

However, the currency remained stable against the U.S. dollar at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to data posted on abokiFX.com, the local unit exchanged hands with the hard currency again at N500.00 per $1 on the dot at the black market.

By implication, the spread between the parallel market and Nafex window rates is pegged at N90.00. This translates to a disparity of 18.00per cent as of the close of business on Tuesday.

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