Naira gains against Dollar at official market

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Nigeria’s Naira recorded slight gain against the U.S dollar at the I&E window of the foreign exchange market on Tuesday, according to data posted on the FMDQ Security Exchange where forex is officially traded showed.

Meanwhile the troubled currency fell slightly against the green back at the unofficial market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

Naira closed at N409.00 at the trading session of the I&E window, this represents N0.13 or 0.03 per cent increase from N409.13, the rate at which it closed at the previous session on Monday.

It experienced an intraday high of N400.00 and a low of N411.00, before closing at N409.00 on Tuesday.

This became evident as turnover increased by 55.42 per cent, with $47.93 million recorded as against the $30.84million posted on Monday.

According to data posted, the local unit closed at N486.00 on the black market on Tuesday, this implies a N1.00 or 0.21 per cent devaluation from N485.00 the rate it exchanged hands with the greenback in the previous session on Monday.

By implication, the spread between the unofficial market and the I&E window exchange rate is pegged at N77.00, which translates to a gap of 15.84 per cent.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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