Naira gains at official market

Naira gained slightly against the U.S. dollar at the official market on Friday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

However, the local currency remained stable at the black market.

According to FMDQ, the currency closed at N411.67 per $1 on Friday, a 0.01 appreciation from the N411.71 rate it traded in the previous session on Thursday.

The currency reached an intraday high of N400.00 and a low of N412.00 during the trading session before settling at N411.67 at the close of business on Friday.

Forex supply decreased 57 per cent with $57 million recorded as against the $132 million posted in the previous session on Thursday.

According to abokiFX.com, which collates parallel market rates in Lagos showed, naira remained stable at the parallel market segment on Friday.

The currency closed at N520.00 per $1, the same rate it traded in the previous session on Thursday.

The spread between the official and black market rates is pegged at N108.33 as of the close of business on Friday, leaving a margin of 21.00 per cent.