Naira gains at official market

Naira recorded a significant gain against the U.S. dollar at the official market on Wednesday, data published byThe local unit which opened trading at N417.00 closed at N418.00 to a dollar at the close of business on Wednesday— the first business day after the Eid-ul- fitr and worker’s day break.

This implies a N1.00 or 0.2 per cent appreciation from N419.00 it exchanged hands with the hard currency at the close of trade last week Friday. The naira touched an intraday high of N410.00 and a low of N444.00 before closing at N418.00 per $1 on Wednesday. Forex supply increased by 2.61 per cent with $162.70 million recorded at the close of business on Wednesday, against the $158.55 million posted in the previous session on Friday last week.

What's the gain?

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