Naira Stable At Official, Parallel Markets

Nigeria’s naira gained marginally against the U.S. dollar at the I&E window of the foreign exchange market on Wednesday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

This happened as foreign exchange supply plummeted significantly.

However, the currency rate remained unchanged at the black market.

According to data posted on the FMDQ Security Exchange where forex is officially traded, the naira closed at N410.50 at the trading session of the NAFEX window.

The last time the currency touched N410.50 was on April 6.

The domestic currency’s performance on Wednesday epresents 0.12 per cent appreciation from N411.00 the rate at which the naira closed at the previous session on Tuesday.

It saw an intraday high of N392.00 and a low of N422.00 before closing at N410.50 on Wednesday.

This occurred as forex turnover slide by 59.10 per cent, with $21.92 million recorded as against the $53.53 million posted in the previous session on Tuesday.

However, the local unit remained unchanged against the U.S. dollar at the unofficial market on Wednesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

The data posted showed that the naira again closed at N482.00 at the black market on Wednesday, the same rate it traded at the previous session on Tuesday.

This leaves the spread between the unofficial market and the I&E window exchange rate at N71.50, which translates to a gap of 14.83 per cent.

– Premium Times