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Naira Gains At Official Market, Now N411.22/$1

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On Wednesday’s official market, the naira rose slightly versus the US dollar to close at N411.22/$1.

Naira and Dollar

Data posted on the FMDQ Security Exchange where forex is officially traded showed that the local unit gained N0.53 or 0.13 per cent from N411.75 rate it traded in the previous session on Tuesday.

During trading on Wednesday, forex turnover soared by 84.24 per cent, with $213.99 million recorded at the end of the market session as against the $116.15 million posted in the previous session on Tuesday.

However, at the unregulated window of the forex market, the Naira exchange rate to the dollar remained unchanged.

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According to abokiFX data, Nigerian currency closed at N505.00 per $1, the same rate it has been trading since July 9.

Also, on Wednesday, the Nigerian currency traded flat against the British Pound Sterling at N708/£1 but fell to the Euro to exchange at N596/€1 from N595/€1 it exchanged on Tuesday.

The gap between the official and unofficial markets of the Naira to dollar stood at N93.78 at the close of trade yesterday.

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