Naira clinched a meager gain against the U.S. dollar at the official market on Tuesday as foreign exchange supply increased.
Data recorded by the FMDQ securities exchange where forex is officially traded showed that the naira closed at N413.28 per $1. This represents a N0.40 or 0.10 per cent appreciation from N413.68 it exchanged on Monday.
The forex turnover increased 60.30 per cent with $200.65 million posted at the official Nafex window against the $91.23 million recorded in the previous session on Monday.
Naira hit an intraday high of N404.00 and a low of N414.50 at the trading session before closing at N413.28 on Tuesday.
Meanwhile, forex dealers in Uyo and Abuja who spoke to PREMIUM TIMES on Tuesday said the currency closed at N 565.00 and N571.00 per $1 at the black market.
Dealers said some have struggled to trade after abokiFX.com, a website that collates parallel market rates in Lagos, stopped publishing parallel market rates on Friday, after the Central Bank of Nigeria threatened its owner.
“A lot of the big players are finding it difficult to trade because abokiFX no longer displays exchange rates anymore. We now sell based on how we buy. There’s a likelihood that naira might appreciate further by tomorrow because the price of the dollar keeps fluctuating throughout today,” a dealer told PREMIUM TIMES.
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