The Naira strengthened slightly against the U.S Dollar at the I&E window of the foreign exchange market on Monday as foreign exchange supply plummeted significantly.
However, the local unit remained stable at the parallel market.
Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the local currency (naira) closed at N411.50 at the trading session of the NAFEX window on Monday.
Monday’s performance represents a N0.17 or 0.04 per cent appreciation from N411.67, the rate it traded in the previous session on Friday last week.
This became effective as foreign exchange supply dipped substantially. The forex turnover decreased by 45.17 per cent, with $111.53 million recorded as against the $203.42 million posted in the previous session on Friday last week.
The local currency touched an intraday high of N395.00 and oscillated to a low of N425.90 before closing at N411.50 on Monday.
The naira last traded at the rate of N411.00 and above on May 14 when it exchanged with the hard currency at N411.67.
However, Nigeria’s naira remained unchanged against the U.S. dollar at the unofficial market on Friday , data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
Data posted revealed that the local currency again closed at N484.00 at the black market.
As a result of the aforementioned status of both the parallel market and the official market exchange rates, the disparity (spread) between the two stood at N72.50, this translates to a gap of 14.98 per cent.
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