The naira gained marginally against the U.S. dollar at the I&E window of the foreign exchange market on Wednesday, data posted on the FMDQ Security Exchange where forex is officially traded showed.
Meanwhile, the domestic currency remained stable at the black market.
Naira closed at N408.67 at the trading session of the I&E window, this represents N0.33 or 0.08 per cent increase from N409.00 the rate at which it closed at the previous session on Tuesday.
The local currency experienced an intraday high of N381.00 and a low of N412.00, before closing at N408.67 on Wednesday.
This happened as turnover dipped by 26.21 per cent, with $35.37 million recorded as against the $47.93 million posted on Monday.
However, naira remained unchanged at the unofficial market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
According to data posted, the local unit closed at N486.00 on the black market on Wednesday, the same rate it exchanged hands with the greenback in the previous session on Tuesday.
By this, the spread between the unofficial market and the I&E window exchange rate is pegged at N77.33, which translates to a gap of 15.91 per cent.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...