You are here: HomeBusiness2022 05 05Article 551423

Business News of Thursday, 5 May 2022


Naira gains at official market

An illustrative image of naira and U.S. dollars An illustrative image of naira and U.S. dollars

Naira recorded a significant gain against the U.S. dollar at the official market on Wednesday May 4, data published by FMDQ, where forex is officially traded, showed.

The local unit which opened trading at N417.00 closed at N418.00 to a dollar at the close of business on Wednesday— the first business day after the Eid-ul- fitr and worker’s day break.

This implies a N1.00 or 0.2 per cent appreciation from N419.00 it exchanged hands with the hard currency at the close of trade last week Friday.

The naira touched an intraday high of N410.00 and a low of N444.00 before closing at N418.00 per $1 on Wednesday.

Forex supply increased by 2.61 per cent with $162.70 million recorded at the close of business on Wednesday, against the $158.55 million posted in the previous session on Friday last week.

Abuja and Uyo street market dealers exchanged the naira at N583.00 and N586.00 to a dollar and sold at N586.00 and N588.00 per $1 on Wednesday respectively.