Skip links

Naira sees biggest gain in nearly a month

Naira gained significantly against the U.S. dollar at the official market Friday as it touched 410 for the first time in almost a month.

Data posted on the FMDQ Security Exchange where forex is officially traded showed the local unit closed at N410.80 per $1 on Friday.

This implies a N0.87 or 0.21 per cent appreciation from the N411.67 rate it traded in the previous session on Thursday.

The currency experienced an intraday high of N400.00 and a low of N412.50 on Friday, the same range it oscillated within the past three consecutive sessions of the market segment.

The market forex turnover plunged by 28.00 per cent as $109.03 million was recorded as against the $150.99 million recorded in the previous session on Thursday.

The local currency has hovered around the N411.00 and above benchmark rates in the past three weeks.It last traded at around 410.00 and above on July 16 last month, when naira exchanged hands with the greenback currency at N410.38 per $1 at the Over-The-Counter (OTC) market segment.

However, the currency remained stable at the black market window.

According to abokiFX, a website that collates parallel market rates in Lagos the local currency closed at N515.00 per $1, the same rate it has been trading since Wednesday.

This leaves the disparity between the Nafex and black market rates standing at N104.20, translating to a margin of 20.23 per cent as of the close of business on Friday.


By Abdulkareem Mojeed

Leave a comment