Naira makes small gain after record fall

Naira clinched a meagre gain against the U.S dollar at the official market on Friday, appreciating 0.10 per cent at the authorized market.

The currency had recorded an all-time low in the previous session on Thursday.

Data published on FMDQ website where forex is officially traded, showed that the currency opened trading at N440.00 but closed at N441.38 to a dollar.

On Tuesday, the local unit slipped to a record low after it closed at N441.17 to a dollar. It recorded a 0.11 per cent (N440.67 per $1) gain at the segment on Wednesday, with $95.39 million posted as forex turnover at the close of business.

On Thursday, the domestic unit fell to a record low after it closed at N441.83 per $1, as forex turnover plummeted by 32.10 per cent ($64.80 million).

Parallel market exchange rates reviewed across states within the week revealed that the dollar was exchanged for N727 and above this week. It went as high as N740.

Traders at the Zone 4 market in Abuja said the currency was exchanged at N740.00 and sold at N743.00 to a dollar on Friday afternoon as against N730.00 and 735.00 per $1 mark it traded in the previous days (Wednesday and Thursday).

“It was trading at N740.00 before we left for the mosque this afternoon, but when we returned the price crashed to N737.00 to a dollar this evening,” a currency dealer at the market told PREMIUM TIMES.