Wednesday, May 5, 2021
HomeMarkets & InvestingMoney MarketNaira stable at official, parallel markets

Naira stable at official, parallel markets

Nigeria’s naira remained unchanged against the U.S. dollar at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

The data posted showed that the naira again closed at N485.00 at the black market, the same rate it has been exchanging hands with the greenback since April 22.

Similarly, the local unit remained stable at the official market.

Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the domestic unit again closed at N410.00 at the trading session of the NAFEX window on Monday.

The currency’s performance on Monday came to be as forex supply increased significantly.

This happened as naira experienced an intraday high of N402.00 and a low of N436.55 before closing at N410.00 on Monday, the same rate it traded in the previous session on Friday last week.

The forex turnover on Monday skyrocketed by 48.24 per cent, with $47.45 million recorded as against the $32.01 million posted in the previous session on Friday last week.

This leaves the spread between the parallel market and the official market exchange rate at N75.00 which translates to a gap of 15.46 per cent, the same as that of the previous session on Friday last week.

The currency has been stabled at the forex markets for three consecutive sessions simultaneously.

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