Naira gains at official market

The Naira gained against the U.S dollar at the Investors and Exporters (I&E) window on Thursday.

According to data posted on the FMDQ Security Exchange where forex is officially traded, naira closed at N410.80 per $1.

Friday’s performance represents a N1.03 or 0.3 per cent appreciation from N411.83 the rate it traded in the previous session on Thursday.

Dollar turnover upped slightly by 3.22 per cent, with $92.78million posted as against $89.89million recorded in the previous session on Thursday.

The local unit touched an intraday low of N430.00 and a high of N400.00 before closing at N410.80 on Friday.

Meanwhile, the naira remained stable at the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

It showed that the domestic currency again exchanged hands with the greenback currency at N502.00, the same rate it has been trading since June 4 last week.

By implication, the disparity between the black market and official market rates at N91.20, translating to a margin of 18.17 per cent as of the close of business on Friday.