Naira gains as official market gets to 791 to dollar

The naira gained massively against the dollar on Friday as it closed at N791/dollar at the official market.

This has brought some sanity to the market, which has fluctuated for several months now.

According to data from the Nigerian Autonomous Foreign Exchange Market, where forex is officially traded, the domestic currency appreciated 6.24 percent to close at N791.75 to a dollar at the close of business on Friday.

This represents an N49.39 gain or a 5.24 percent increase in the local currency compared to the N841.14 it closed on Thursday.

The intraday high recorded was N1120/$1, while the intraday low was N701/$1, representing a wide spread of N419/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $157.78 million, representing a 23.60 percent decline compared to the previous day.

Similarly, the naira has appreciated in the parallel market in the last 72 hours.

Aboki FX, another FX platform, the naira maintained its consistency even as it appreciated marginally against the United States dollar.

While the market closed at N1140, on Monday at the parallel market, it appreciated on Tuesday and closed at N1,135.

The parallel market, however, maintained consistency by closing at N1,135 on Wednesday and Thursday.

(Punch)

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