Nigeria: Naira Gains At Official Market

The naira gained at both the official and unofficial markets on Tuesday.

Naira strengthened by 0.24 per cent against the U.S. dollar at the official market on Tuesday, a day after it fell at the spot market.

Data published by FMDQ, where forex is officially traded, showed the naira closed at N419.50 to a dollar on Tuesday.

This represents a N1.02 or 0.24 per cent appreciation from N420.25 it exchanged hands with the greenback currency in the previous session on Monday.

The domestic currency which opened at N418.54 reached an intraday high of N412.38 and a low of N444.00 before closing at N419.50 per $1 on Tuesday, the second business day of the week and the last business day of the month.

Forex supply plummeted by 19.82 per cent with $ 98.52 million recorded at the close of business on Tuesday as against the $122.91 million posted in the previous session on Monday.

Similarly, the naira which touched the N600 and above mark fortnight ago clinched a significant gain at the black market across states in the country.

In the Uyo black market, the naira was exchanged at N595.00 and sold at N598.00 to a dollar on Tuesday, as against N603.00 and N605 it exchanged and sold in the previous session on Monday.

Also, at Abuja street market, currency dealers said the naira was exchanged at N595.00 and sold N597.00 per $1 on Tuesday.

By implication, the spread between the spot market (N418.00) and the parallel market (N603.00) is pegged at N185.00 leaving a margin of 30.7 per cent.

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