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Business News of Saturday, 20 August 2022


Naira gains at official forex markets

Naira recorded a marginal gain against the U.S. dollar at the official forex market on Friday, after the currency rate remained unchanged in the last two consecutive sessions of the spot market.

Data posted at the FMDQ website where forex is officially showed that the Naira opened trading at N428.00 but closed at N429.05 to a dollar on Friday.

The rate implies a slight appreciation of 0.08 per cent from N429.38 to a dollar it traded in the last two sessions that preceded Friday.

The local currency on Friday climbed to a high of N415.06 and dropped to a low of N444.00 to a dollar before settling at N429.05 at close of the day’s market. Some $50.22 million was posted as forex turnover within this period against $120.46 million supplied in the previous session on Thursday.

The N429.05 to a dollar the local unit closed at on Friday is the strongest rate the Naira has traded this week, while the N430.67 to dollar rate it exchanged on Tuesday is the weakest recorded within this period.

However, the volatility run of the Naira against the dollar at the unauthorised market still subsists.

At the Uyo and Abuja black market on Friday, dealers said they bought the dollar at N680.00 and sold it within the range of N683.00 and N685.00, the same range it has been hovering within the last three market days this week.

“The market has been dicey this week because the EFCC paraded some dealers in Port Harcourt and even in Abuja this week. So we are all trading with caution,” a currency dealer in Uyo who does not want his name mentioned for fear of being hounded told PREMIUM TIMES.

He said the anti-graft agency EFCC wants them to bring the naira-dollar exchange rate down to N560.00 mark but that it will not be possible.

“That cannot happen as we speak,” the dealer added.