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Naira gains at official market

Naira clinched a meagre gain against the U.S. dollar at the Investors and Exporters (I&E) window on Friday, data from the FMDQ Securities Exchange window where forex is officially traded showed.

However, the currency maintained stability at the black market after hitting an all-time-low in the previous session on Thursday.

At the official market, naira closed at N411.50 per $1 at the official market on Friday. This implies a N0.17 or 0.04 per cent appreciation from the N411.67 it traded in the previous session on Thursday.

Naira hit an intraday high of N400.00 and a low of N412.92 at the trading session before closing at N411.50 on Friday.

The last time naira closed at N411.50 was on Wednesday.

The forex exchange supply of the segment decreased by 57.00 per cent, with $127.51 million recorded as against the $296.34 million posted in the previous session on Thursday.

However, data published on abokiFX.com, a website that collates the parallel market rates in Lagos, showed that the currency closed at N530.00 per $1, the same rate it exchanged hands with the hard currency in the previous session on Thursday.

This leaves the spread between the parallel and official markets rates at N118.50 as of the close of business on Friday, leaving a margin of 22.40 per cent.

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