Banking & FinanceBusiness

Naira stable at official market

Naira recorded no significant movement against the U.S. dollar at the official market on Monday, after the currency fell slightly in the previous session of the spot market.

Data posted on FMDQ securities exchange windows where forex is officially traded showed naira closed at N415.10 to a dollar at the close of business Monday, the same rate it exchanged Friday last week.

Naira maintained an intraday high of N404.00 and a low of N453.75 before closing at N415.10 to a dollar on Monday.

Foreign exchange supply rose significantly by 52.60 per cent with $138.37 million recorded as against $90.70 million posted at the close of business last week Friday.

At the black market in Abuja, dealers said they exchanged the currency at N540.00 and sold at N545.00 to a dollar on Monday, the same rate it traded on Friday last week.

This leaves the spread between the official and unofficial market at N124.90, leaving a discrepancy of 23.13 per cent at the close of business on Monday.

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