Naira gained marginally against the U.S. dollar at the I&E window of the foreign exchange market on Monday, data posted on the FMDQ Security Exchange where forex is officially traded showed.
However, the currency rate remained unchanged on the black market.
This became evident as foreign exchange supply saw a significant rise.
According to data posted on the FMDQ Security Exchange where forex is officially traded, the naira closed at N410.33 at the trading session of the NAFEX window.
The last time the currency hovered around N410.00 and above was on April 15.
Monday’s performance represents a 0.16 appreciation from N411.00, the rate at which the naira closed on Friday last week.
The local unit touched an intraday high of N399.00 and a low of N437.41 before closing at N410.33 on Monday.
This occurred as forex turnover rose by 13.31 per cent, with $69.71 million recorded as against the $61.52 million posted in the previous session last week Friday.
Naira remained unchanged against the U.S. dollar at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
The data posted showed that the naira again closed at N482.00 at the black market, the same rate it exchanged hands with the greenback since April 12.
By this, the spread between the unofficial market and the I&E window exchange rate is pegged at N71.67, which translates to a gap of 14.87 per cent.
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