Naira gains at official market | Premium Times Nigeria

However, the domestic currency depreciated at the black market.

Naira closed at N409.00 at the trading session of the I&E window, this represents N0.13 or 0.03 per cent increase from N409.13, the rate at which it closed at the previous session on Monday. It experienced an intraday high of N400.00 and a low of N411.00, before closing at N409.00 on Tuesday. This became evident as turnover increased by 55.42 per cent, with $47.93 million recorded as against the $30.84million posted on Monday.However, naira fell slightly at the unofficial market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.According to data posted, the local unit closed at N486.00 on the black market on Tuesday, this implies a N1.00 or 0.21 per cent devaluation from N485.

By implication, the spread between the unofficial market and the I&E window exchange rate is pegged at N77.00, which translates to a gap of 15.84 per cent.

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