Nigeria: Naira Bounces Back As Forex Supply Improves

The currency remained stable at the black market.

Naira strengthened significantly against the U.S. dollar at the I&E window of the foreign exchange market on Thursday, a day after posting its worst performance in nearly a month.

Naira closed at N409.65 at the trading session of the I&E window, 0.33 per cent appreciation from N411.00 the rate at which it closed at the previous day, data posted on the FMDQ Security Exchange where forex is officially traded showed.

The domestic currency experienced an intraday high of N394.00 and a low of N419.30, before closing at N409.65 on Thursday.

This occurred as forex turnover rose 690.63 per cent, with $93.69 million recorded as against the $11.85 million posted on Wednesday.

However, the naira remained unchanged against the U.S. dollar at the unofficial market on Thursday, data posted on, a website that collates parallel market rates in Lagos showed.

The data posted showed that the naira closed at N485.00 at the black market on Thursday, the same rate it exchanged hands with the greenback since April 1.

Based on this, the spread between the unofficial market and the I&E window exchange rate is pegged at N75.35, which translates to a gap of 15.54 per cent.

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