Nigeria’s naira strengthened slightly against the U.S. dollar at the I&E window of the foreign exchange market on Wednesday, as foreign exchange supply plummeted significantly.
Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the domestic unit closed at N411.25 at the trading session of the NAFEX window on Wednesday.
The currency’s performance represents a N0.42 or 0.10 per cent devaluation from N411.67, the rate it traded in the previous on Tuesday.
This occurred as naira experienced an intraday high of N395.00 and a low of N422.00 before closing at N411.25 on Wednesday.
Forex turnover on Wednesday dipped by 30.71 per cent, with $33.55 million recorded as against the $48.42 million posted in the previous session on Tuesday.
The last time the domestic currency hovered around N411.00 and above was on April 27.
However, the naira remained stable at the official market.
The local unit remained unchanged against the U.S. dollar at the unofficial market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
According to the data posted, the naira again closed at N485.00 at the black market, the same rate it has been exchanging hands with the greenback since April 22.
This leaves the spread between the parallel market and the official market exchange rate at N73.75 which translates to a gap of 15.21 per cent.
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