Naira gained 0.05 per cent against the United States dollar at the official market after foreign currency inflows into the Nigerian Autonomous Foreign Exchange Fixing market plummeted by 29.95 per cent on Wednesday.
The naira opened at N461.30 to a dollar and closed at the authorised window at N461.25 on Wednesday, data published on theThe market data posted indicated that the naira traded within a market range of N446.00 and N462.50 but eventually closed at N461.25 per $1. This is a 0.05 per cent appreciation from the N461.50 rate it exchanged against the dollar in the previous session on Tuesday.
The foreign exchange turnover recorded within the day’s trading session is pegged at $115.58 million on Wednesday, as against the $ 165.01 million traded in the previous market segment on Tuesday. At the parallel market, currency exchangers in Abuja said the dollar was exchanged at N740.00 per $1 and sold at N745.00 to a dollar on Wednesday.it traded in the previous session on Tuesday amid a scarcity of naira notes across the country.
Whom should it Favour, the economy or the citizenry?
The scarcity is working