Naira gains at official market

According to the data, the local currency closed at N463.44/$1 against N463.67 it exchanged last week Thursday.

This translates to a N0.23 or 0.10 per cent appreciation from N463.67 recorded in the previous session. The naira opened trading Thursday at N463.10 per $1, but closed at N463.44. Within the business period, the local currency reached a high of N458.04 and depreciated to a low of N466.00 before it closed at N463.44 to a dollar on Tuesday,

Forex supply within the official market segment plummeted by 44.83 per cent with $62.69 million posted against $139.85 million recorded in the previous market session last Thursday.At the unauthorised market, the local unit rates collated across major exchanges in the country, showed that the domestic currency closed at N735.214 to a dollar on Tuesday as against ₦737.377 per $1 it was exchanged on the street Monday.

The spread between both the authorised and unauthorised markets stood at N271.77, leaving a margin of N58.64 per cent at the close of business on Tuesday.

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