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Business News of Saturday, 20 November 2021

Source: www.premiumtimesng.com

Naira gains further at official market

Nigerian Naira Nigerian Naira

Naira gained slightly against the U.S. dollar at the official market on Friday, extending the currency appreciation at the spot market to two consecutive sessions in a row within the week.

This occurred as foreign exchange supply recorded no significant movement.

Data from FMDQ securities exchange windows where forex is officially traded showed that the naira closed at N414.40 to a dollar on Friday, representing a N0.40 or 0.09 per cent appreciation from the N414.80 rate it exchanged Thursday.

The local currency maintained an intraday high of N404.00 and a low of N444.00 before closing at N414.40 per $1 on Friday, with $90.18 million recorded as forex turnover. The same rate posted in the previous session on Thursday.

At the black market in Uyo, dealers said they exchanged the currency at N547.00 and sold at N553.00 per $1 on Friday, while in Abuja, dealers exchanged the hard currency at N550.00 and sold within the range of N553.00—N554 per $1.