Naira gains at official market

1 min


0
Naira loses further at black market



The Naira appreciated 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.
However, the local unit remained unchanged at the black market.
The domestic currency closed at N409.13 at the trading session of the I&E window, this represents N0.87 or 0.21 per cent increase from N410.00, the rate at which it closed at the previous session on Friday, last week.
Naira experienced an intraday high of N400.00 and a low of N410.50, before closing at N409.13 on Monday.
The slight gain in Africa’s most populous country’s currency became pronounced as turnover plummeted by 57.42 per cent, with $30.84 million recorded as against the $72.43million posted on Friday, last week.
However, naira remained stable at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
According to data posted, the naira closed at N485.00 on the black market on Monday, the same rate it exchanged hands with the greenback in the previous session on Friday last week.
By this, the spread between the unofficial market and the I&E window exchange rate is pegged at N75.87, which translates to a gap of 15.64 per cent.

Support ‘ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to , you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

TEXT AD: To advertise here . Call Willie +2347088095401…



Source link


What's Your Reaction?

hate hate
6
hate
confused confused
3
confused
fail fail
1
fail
fun fun
0
fun
geeky geeky
6
geeky
love love
4
love
lol lol
5
lol
omg omg
3
omg
win win
1
win
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x
Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Image
Photo or GIF
Gif
GIF format