Naira stable at official market

recorded no movement against the U.S. dollar on Wednesday at the official market after the local unit slipped on Monday and Tuesday.The domestic currency which opened at N413.71 closed at N415.07 to a dollar again at the close of business on Wednesday, data posted on theThe currency reached an intraday high of N404.00 and a low of N444.00 before closing at N415.07 per $1 on Wednesday.

Foreign exchange supply rose by 51.70 per cent with $225.99 million recorded as against the $149.01 million posted in the previous session on Tuesday. At the parallel market in Uyo and Abuja, dealers said they exchanged the naira at N567.00 and sold at N572.00 to a dollar on Wednesday. This leaves the spread between the official and unofficial market at N151.93, leaving a discrepancy of 27 per cent at the close of business Wednesday.

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