Naira gained significantly against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Monday, data from the FMDQ Security Exchange where forex is officially traded showed.
However, the currency remained stable on the parallel market.
Naira closed at N408.90 at Monday’s trading session of the I&E window. This represents a N1.10 or 0.27 per cent appreciation from N410.00 the rate at which it closed at the previous session on Friday last week.
This happened as naira touched an intraday high of N390.00 and a low of N412.00, before closing at N408.90 on Monday.
The appreciation of the domestic currency occured as turnover decreased by 20.68 per cent, with $50.67 million recorded as against the $63.88 million posted on Friday last week.
However, at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency remained unchanged from the rate it traded last week Friday.
According to the data posted, the currency closed at N485.00, the same rate it exchanged hands with the greenback currency at the previous session on Friday last week.
This leaves the spread between the unofficial market and the I&E window exchange rate at N76.10, which translates to a gap of 15.69 per cent.
The CBN’s official rate on Monday was still N379 per dollar.
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