Friday, October 22, 2021

    Naira gains at official window

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    The naira gained slightly against the U.S. dollar at the official market on Monday, data published on the FMDQ Security Exchange where forex is officially traded showed.

    However, the unit remained unchanged at the parallel market segment, extending stability in the black market window to four consecutive sessions on a stretch.

    According to data posted on the Nafex window, the naira closed at N411.13 per $1 on Monday.

    This translates to a N0.12 or 0.03 per cent appreciation from the N411.25 rate it traded in the previous session on Friday last week.

    The domestic unit staged an intraday low of N420.86 and a high of N400.00 before closing at N411.13 as of the close of business on Monday.

    It happened as forex turnover plummeted by 48.61 per cent, with $71.55 million recorded at the end of the market session as against the $139.23 million posted in the previous session on Friday last week.

    However, data posted on, a website that collates parallel market rates in Lagos, showed that naira closed again at N503.00 per $1 on Monday, the same rate it has been trading since June 30, last month.

    The disparity between the black market and the Nafex rates stood at N91.87, this represents a spread of 18.30 per cent as of the close of business on Monday.

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