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Business News of Thursday, 18 November 2021


Naira appreciates at official market

Naira file photo Naira file photo

Naira gained slightly against the U.S. dollar at the official market on Thursday, after the local unit experienced no significant movement in four business days simultaneously at the spot market.

Data gathered from FMDQ securities exchange windows where forex is officially traded showed that the naira closed at N414.80 to a dollar on Thursday.

The currency’s performance against the hard currency on Thursday implies an N0.30 or 0.10 per cent appreciation from the N415.10 rate it stood since Friday last week.

It touched an intraday high of N404.00 and a low of N444.00 before closing at N414.80 per $1 on Thursday.

The market segment forex turnover nosedived by 69.83 per cent with $90.18 million recorded against the $298.88 million posted at the close of business on Wednesday.

At the black market in Uyo, dealers said they exchanged the currency at N545.00 and sold at N547.00 per $1 on Thursday, while in Abuja, dealers exchanged the greenback currency at N549.00 and sold at N555.00 per $1.