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Business News of Tuesday, 23 November 2021


Naira gains at official market

Naira and Dollar notes Naira and Dollar notes

Naira clinched a meagre gain against the U.S. dollar at the official market on Tuesday after the local unit recorded a significant fall in the previous session of the spot market on Monday.

This became evident as the foreign exchange supply rose.

Data published on the FMDQ securities exchange windows where forex is officially traded showed that the naira closed at N414.80 to a dollar on Tuesday, which translates to an N0.27 or 0.10 per cent appreciation from the N415.07 rate it exchanged on Monday.

Naira touched an intraday high of N404.00 and a low of N450.50 before closing at N414.80 per $1 on Tuesday.

Forex turnover increased by 87.00 per cent with $279.37 million recorded at the close of business Tuesday against the $149.53 million posted at the close of trading in the previous session on Monday.

At the black market in Uyo, dealers explained that they exchanged the currency at N554.00 and sold within the range of N557.00 and N559.00 per $1 on Tuesday based on market sentiments.

“Traders were selling as they like because the demands there,” a dealer who does not want to be mentioned told PREMIUM TIMES late evening of Tuesday via phone.

Meanwhile, at Abuja, dealers exchanged the hard currency at N560.00 to a dollar on Tuesday.