Naira strengthened against the U.S. dollar at the Investors and Exporters (I&E) window on Wednesday, data posted on the FMDQ Security Exchange where forex is officially traded showed.
However, it remained stable against the hard currency at the parallel market.
According to the data posted at the Nafex window, the local unit closed at N411.06, this represents a 0.23 per cent appreciation from N412.00, the rate it traded in the previous session on Tuesday.
Wednesday’s performance became effective as foreign exchange supply dipped by 69.20 per cent, with $164.00 million posted as against $96.91 million posted in the previous session on Tuesday.
The Naira hit an intraday low of N420.47 and a high of N381.50 at the Nafex window.
The last time the currency hovered around the rate of N411.00 and above was on May 24 last month.
Meanwhile, the domestic currency remained unchanged at parallel market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
The data posted showed that the naira closed at N498.00 at the black market, the same rate it exchanged hands with the greenback currency in the previous session on Tuesday.
As a result, the spread between the black market and official market rates currently is pegged at N86.94, translating to a margin of 17.46 per cent as of the close of business on Wednesday.
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