Naira gained slightly against the U.S. dollar at the official market on Monday, after the currency touched an all-time low in the previous session on Friday last week.
Data from FMDQ securities exchange window where forex is officially traded showed naira closed at N414.83 per $1.
Monday’s performance represents N0.07 or 0.02 per cent appreciation from N414.90 it traded Friday last week.
This occurred as forex turnover remained unchanged at $193.59 million, the same rate posted on Friday last week.
Before the close of the day’s business, the local unit hit an intraday high of N405.00 and a low of N415.00 before closing at N414.83 per $1 on Monday.
At the black market in Abuja, dealers said the dollar exchanged with the naira at N570.00 per $1, the same rate it exchanged on Friday last week.
READ ALSO: Naira gains at official market
Also, dealers in Uyo said the local unit exchanged hands with the hard currency at N570.00 all through the trading session.
By this, the spread between the official and unofficial market rates is pegged at N155.17, leaving a margin of 27.22 per cent.
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...