Naira gains at official market

Naira gained marginally against the U.S. dollar at the I&E window of the foreign exchange market on Monday, data posted on the FMDQ Security Exchange where forex is officially traded showed.This became evident as foreign exchange supply saw a significant rise.

According to data posted on the FMDQ Security Exchange where forex is officially traded, the naira closed at N410.33 at the trading session of the NAFEX window.Monday’s performance represents a 0.16 appreciation from N411.00, the rate at which the naira closed on Friday last week. The local unit touched an intraday high of N399.00 and a low of N437.41 before closing at N410.33 on Monday.

This occurred as forex turnover rose by 13.31 per cent, with $69.71 million recorded as against the $61.52 million posted in the previous session last week Friday. Naira remained unchanged against the U.S. dollar at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

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