The naira extended its gain against the U.S. dollar at the unofficial market window on Tuesday by rising to 508 per $1.
According to abokiFX.com, the currency closed with a N4.00 or 0.80 per cent appreciation from the N512.00 rate it exchanged hands on Monday.
Naira opened at N512.00 and saw an intraday low of N510.00 and a high of N509.00 before settling at N508.00 at the close of business on Tuesday.
By implication, the domestic unit has gained 3.24 per cent at the unofficial market segment after recording an all-time decline on July 28 when it closed at N525.00 after the Central Bank of Nigeria (CBN) stopped forex sales to Bureau De Change operators.
However, naira recorded no movement against the U.S. dollar at the official Investors and Exporters (I&E) window on Tuesday.
Data published on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 per $1, the same rate it traded in the previous session on Monday.
ALSO READ: Naira climbs after forex ban storm
The foreign exchange turnover remained unchanged at $143.20 million, the same rate recorded in the previous session on Monday.
This leaves the spread between the official market and the unofficial market rates at N96.50, leaving a margin of 19.00 per cent as of the close of business Tuesday.
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...