Naira maintains gain at official market


The naira gained slightly against the U.S. dollar at the I&E window of the foreign exchange market on Thursday, as foreign exchange supply rose significantly.

According to data posted on the FMDQ Security Exchange, where forex is officially traded, the domestic unit closed at N411.00 at the trading session of the NAFEX window on Thursday.

The currency’s performance represents a N0.25 or 0.06 per cent appreciation from N411.25, the rate it traded in the previous on Wednesday.

This occurred as the currency experienced an intraday high of N392.00 and a low of N435.65 before closing at N411.00 on Thursday.

The forex turnover on Thursday soared by 229.24 per cent, with $110.46 million recorded as against the $33.55 million posted in the previous session on Wednesday.

The last time the domestic currency closed at N411.00 on the dot was on April 27.

Meanwhile, the naira remained stable at the official market.

The local currency remained unchanged against the U.S. dollar at the unofficial market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

Data posted showed that the naira again closed at N485.00 at the black market, the same rate it has been exchanging hands with the greenback since April 22.

This leaves the spread between the parallel market and the official market exchange rate at N74 which translates to a gap of 15.26 per cent.

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