Wednesday, June 23, 2021

    Naira strengthens against dollar at official market

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Naira strengthened slightly against the U.S. dollar at the I&E window of the foreign exchange market on Wednesday, data posted on the FMDQ Security Exchange window where forex is officially traded showed.

    The currency closed at N410.50 at the trading session of the NAFEX window on Wednesday, this represents N0.50 or 0.12 per cent increase from N411.00, the rate it traded in the previous session on Tuesday.

    This became evident as foreign exchange supply soared significantly. The forex turnover increased by 305.07 per cent, with $172.52 million recorded as against the $42.59 million posted in the previous session on Tuesday.

    Naira experienced an intraday high of N400.00 and a low of N420.50 before closing at N410.50 on Wednesday.

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

    However, the domestic currency remained unchanged against the U.S. dollar at the unofficial market on Wednesday, data posted on, 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.

    As a result of this, the spread between the parallel market and the official market exchange rate is pegged at N74.50 which translates to a gap of 15.36 per cent.

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