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Naira gains at official market

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The local currency depreciated further at the black market.

Naira clinched a meagre gain against the U.S dollar at the official market on Monday, extending appreciation run at the spot market segment to two business days.

According to data published on the Central Bank of Nigeria’s website, the naira closed at N416.32 to a dollar at the close of business Monday. This implies a N0.07 or 0.02 per cent appreciation from N416.39 it traded on Friday last week. In the past weeks, the currency has been considerably stable at the over-the-counter window, with the naira trading within the range of N416.00 and above benchmark.

The lowest rate the naira exchanged hands with the greenback currency at the official market last week was N416.45, the CBN data showed.Currency exchangers in Uyo and Abuja said naira was exchanged at N582.00 and sold at N585.00 to a dollar at the black market on Monday. This is about N10.00 devaluation from N575.00 to a dollar range it exchanged at the street market fortnight ago.

 

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