Monday, May 17, 2021

Naira gains against green back

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The naira gained significantly against the U.S. dollar at the I&E window of the foreign exchange market on Friday, data posted on the FMDQ Security Exchange window where forex is officially traded showed.

The domestic unit closed at N410.00 at the trading session of the NAFEX window on Friday.

This happened as foreign exchange supply plummeted significantly.

According to data reviewed, the currency’s performance represents a N1.00 or 0.24 per cent appreciation from N411.00 the rate it traded in the previous session on Thursday.

This occurred as the currency experienced an intraday high of N395.00 and a low of N429.13 before closing at N410.00 on Friday.

The forex turnover on Friday decreased by 48.57 per cent, with $56.81 million recorded as against the $110.46 million posted in the previous session on Thursday.

The last time the domestic currency closed at N410.00 was on April 26.

However, the naira remained stable at the parallel market.

It remained unchanged against the U.S. dollar at the unofficial market on Friday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

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.

By implication, the spread between the parallel market and the official market exchange rate stood at N75 which translates to a gap of 15.46 per cent.

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