Naira sustains recovery at N746/$ in official market

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The naira on Thursday recorded a massive gain of N36 to close at N746/$ in the Investors and Exporters (I&E) window– official market.Thursday’s rebound showed two-day straight gain in the official market over improved liquidity and transaction activities. The local currency had closed at N782/$ on Wednesday and N788/$ on Tuesday. Data from FMDQ Exchange indicated gradual rise in market liquidity from over $63 million turnover on Tuesday to $90 million on Wednesday, contributed largely to Thursday’s rate recovery. Thursday’s turnover data was not ready by the time of filling this report. The naira had on Monday closed at N744/$ at the I&E window, made a N44/$ loss on Tuesday and a sudden rebound on Wednesday and Thursday. However, the parallel market was where the naira faced sustained pressure, with the local currency closing at N803/$ on Thursday. This created of N57/$ premium between the official and parallel market rates. The Central Bank of Nigeria (CBN) unified all exchange…