Mon, 26 Jul 2021

 

Naira appreciates at official market
 
From: CEOAfrica News: Reported by- Tunde Babalola
Fri, 4 Jun 2021   ||   Nigeria,
 

Friday, 4th June 2021: The naira unit gained marginally against the U.S dollar at Investors and Exporters (I&E) window on Thursday while it fell against the U.S. dollar at the parallel market on Thursday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

The data posted showed that the naira closed at N499.00 at the black market. This represents N1.00 or 0.20 per cent devaluation from N498.00 the rate it exchanged hands with the greenback currency in the previous session on Wednesday.

However, the local unit gained marginally against the U.S dollar at Investors and Exporters (I&E) window on Thursday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

Data posted at the Nafex window showed that the naira closed at N410.90, this represents a 0.04 per cent appreciation from N411.06, the rate it traded in the previous session on Wednesday.

This happened effectively as foreign exchange supply decreased by 14.17 per cent, with $140.76 million posted as against $164.00 million recorded in the previous session on Wednesday.

The Naira touched an intraday low of N420.47 and a high of N400.00 at the Nafex window.

The last time the currency hovered around the rate of N410.00 and above was on May 18 last month, when the local currency closed at N410.75.

By implication, the spread between the black market and official market rates widened further to N88.1 from N86.94 it stood at the close of business in the previous session on Wednesday.

This translates to a margin of 17.70 per cent as of the close of business on Thursday.

 

 

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