Friday, October 22, 2021

    Naira stable against dollar in daily trading

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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.

    Naira remained stable against the U.S. dollar at both the official and unofficial markets as foreign turnover increased significantly on Monday, data posted on both segments trading sessions showed.

    According to, the local currency closed at N510.00 per $1 at the black market, the same rate it traded in the previous session on Friday last week.

    Similarly, data published on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 per $1 on Monday, the same rate it exchanged hands with the hard currency on Friday last week.

    The naira saw an intraday high of N400.00 and staged a low of N412.90 before settling at N411.50 at the Nafex window, the same rates it touched in the previous session on Friday last week.

    The forex turnover rose by 60.00 per cent with $166.06 million posted as against the $103.90 million recorded in the previous session on Friday last week.

    The disparity between the official and unofficial market rates is pegged at N98.50, leaving a margin of 19.31 per cent as of the close of business Monday.

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