Naira closed on Thursday at N1,481.49 as against N1,488.60/$1 posted in the previous segment on Wednesday

Naira recorded a slight gain against the United States dollar at both the authorised and unauthorised forex markets on Thursday, market data reviewed showed.

According to official market data published by FMDQ, the naira closed Thursday at N1,481.49/$1 against N1,488.60/$1 posted in the previous segment on Wednesday.

Thursday's rate signifies a N7.11 or 0.48 per cent appreciation from N1,488.60 recorded on Wednesday.

Within the business period on Thursday, foreign exchange turnover increased by 3.84 per cent ($213.31 million) from $205.43 million recorded in the previous segment on Wednesday.

The domestic unit also experienced an intraday high of N1,401.00 and a low of N1,505.00 to a dollar before closing at N1,481.49/$1 at the authorised session of the FX market on Thursday.

Weekly performance

A review of the official market currency data posted this week indicated that the naira has been trading at N1,400 and above the mark at the segment in the past week.

On Monday, market data posted shows that the naira closed at N1,476.12/$1. The currency depreciated further on Tuesday and Wednesday to trade N1,476.95 and N1,488.60 to a dollar, respectively.

Similarly, the local currency recorded a marginal gain at the parallel market on Thursday after the currency slipped slightly in the previous session on Wednesday.

According to the unofficial market data, the dollar was exchanged at N1,496.4 and above on Thursday, as against N1,498.4/$1 and above recorded on Wednesday.

On Tuesday, the dollar exchanged at N1,477.9/$1, as against N1,487.4/$1 posted on Monday.

The continuous depreciation of the naira against the greenback currency in recent months came amidst a significant surge in demand for the dollar and market speculation.