Naira records marginal gain at official market

Naira appreciated slightly against the United States dollar at the Investors and Exporters window on Monday, after recording declines at the spot market amidst worsening currency scarcity across the country.

The gains were recorded Monday as foreign exchange supply within the market session surged significantly.

According to data published on the FMDQ website, where forex is officially traded, the local unit closed at ₦461.33 per $1 on Monday— the first business day of this week.

This represents a N0.42 or 0.09 per cent increase against N461.75 to a dollar recorded in the previous session on Friday last week.

Nigeria’s Naira opened the day’s trading at N461:50 per $1 before moving within an intraday low of N462.31 and a high of N446.00. It eventually closed at N461.33.

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The authorised market session recorded $ 108.01 million as foreign exchange turnover within the business period, a 59.85 per cent increase from $67.57 million posted on Friday last week.

At the parallel market, currency traders across the country said the dollar was exchanged at N745.00 per $1 and sold at N750.00 to a dollar on Monday.

This is the same range the local currency traded against the greenback at the street market in the past seven days, the currency dealers said.