The naira gained slightly against the U.S. dollar at the official market on Monday, data published on the FMDQ Security Exchange where forex is officially traded showed.
However, the unit remained unchanged at the parallel market segment, extending stability in the black market window to four consecutive sessions on a stretch.
According to data posted on the Nafex window, the naira closed at N411.13 per $1 on Monday.
This translates to a N0.12 or 0.03 per cent appreciation from the N411.25 rate it traded in the previous session on Friday last week.
The domestic unit staged an intraday low of N420.86 and a high of N400.00 before closing at N411.13 as of the close of business on Monday.
It happened as forex turnover plummeted by 48.61 per cent, with $71.55 million recorded at the end of the market session as against the $139.23 million posted in the previous session on Friday last week.
However, data posted on abokiFX.com, a website that collates parallel market rates in Lagos, showed that naira closed again at N503.00 per $1 on Monday, the same rate it has been trading since June 30, last month.
The disparity between the black market and the Nafex rates stood at N91.87, this represents a spread of 18.30 per cent as of the close of business on Monday.
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...