Nigeria: Naira Gains but Black Market Decline Continues

Hillato/Wikimedia
(File photo).
20 May 2022
Premium Times (Abuja)
By Abdulkareem Mojeed

The currency gained slightly at the Nafex window on Friday.

Naira clinched a meagre gain against the U.S. dollar at the official market on Friday, after it fell for two days.

The currency, which opened trading at N418.35 on Friday, closed at N419.02 to a dollar, data published by FMDQ, where forex is officially traded, revealed.

This implies a N1.31 or 0.31 per cent appreciation from N420.33 it exchanged on Thursday.

The naira experienced an intraday high of N410.00 and touched a low of N444.00 before closing at N419.02 per $1 on Friday.

Forex turnover recorded no significant movement with $75.56 million recorded at the close of business on Friday, the same rate posted in the previous session on Thursday.

In Uyo, currency dealers exchanged the naira at N602.00 and sold at N605.00 to a dollar on Friday.

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