Nigeria: Naira Gains At Official Market

15 December 2021

<i>At the black market, dealers exchanged a dollar for between 566 and 568 naira.</sub>

<a target="_blank" href="">Naira</a> gained marginally against the U.S. dollar at the official market on Wednesday after the currency witnessed a slight fall at the spot market in the previous session Tuesday.

Foreign exchange supply fell at the close of business Wednesday.

Data posted on <a target="_blank" href="">FMDQ</a>, where forex is officially traded, showed that naira which opened at N413.87, closed at N414.25 to a dollar on Wednesday.

This implies a N0.55 or 0.13 per cent appreciation from N414.80 it traded in the previous session on Tuesday.

Naira reached an intraday high of N405.00 and oscillated to a low of N444.00 before closing at N414.25 to a dollar on Wednesday.

Forex turnover plummeted by 53.00 per cent with $177.60 million recorded at the close of business on Wednesday as against the $377.88 million posted in the previous session on Tuesday.

At the black market in Uyo, dealers said they exchanged the naira in the morning for N566.00 per $1 and N568.00 at the close of business Wednesday, but sold at N572.00. In Abuja, naira exchanged at N568.00 to a dollar at the close of the day's business.

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