Naira gains at official window

The naira recorded a slight gain against the United States dollar at the official market Friday, appreciating by 0.03 per cent at the spot market.

Data from the FMDQ securities exchange window, where forex is officially traded, showed the domestic currency closed at N461.38 per $1.

This represents a N0.12 difference from N461.50 the naira it exchanged against the greenback in the previous session on Thursday.

The market data posted revealed that the naira traded within an intraday low of N466.00 per dollar and a high of N459:50 before it later closed at N461.38 per $1.

Within this period, the forex turnover stood at $188.37 million as foreign exchange turnover within the business period on Monday, the FMDQ data revealed.

Also, the naira appreciated against the dollar at the unauthorised market on Friday.

According to currency rates collated across parallel markets in the country, the local unit closed at N745.10 to a dollar on Friday as against N746.29 per $1 it closed at on Thursday.

The rate implies a N1.19 appreciation from N746.29 per $1 it exchanged Thursday.