Naira strengthened against the U.S. dollar at the I&E window of the foreign exchange market on Friday, as foreign exchange supply plummeted significantly.
Data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N409.00 at the trading session of the NAFEX window.
The last time the currency touched N409.00 was on March 30.
Friday’s performance represents a 0.16 per cent appreciation from N409.65, the rate at which the naira closed on Thursday.
The domestic currency experienced an intraday high of N395.00 and a low of N420.00, before closing at N409.00 on Friday.
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This occurred as forex turnover dipped by 41.07 per cent, with $55.21 million recorded as against the $93.69 million posted on Thursday.
However, the 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.
The data posted showed that the naira closed at N485.00 at the black market on Friday, the same rate it exchanged hands with the greenback since April 1.
This leaves the spread between the unofficial market and the I&E window exchange rate at N76.00, which translates to a gap of 15.67 per cent.
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