Naira extends gains in the official market

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Naira posted a marginal gain against the US dollar in the official market on Wednesday, extending its appreciation for a second day.

According to data published by fmdqwhere the currency is officially traded, the naira closed at N418.00 per dollar on Wednesday.

This represents a gain of N1.00 or 0.24 percent of the N419.00 that changed hands with the dollar in the previous session on Tuesday.

Since the start of trading this week, the weakest rate the naira has touched is N420.33 to the dollar (on Monday), while N418.00 to $1 is the highest rate the national unit has traded this week so far. the moment.

In recent weeks, the naira has been hovering between N418.00 and 420.00 and above the mark at the official window.

On Wednesday, the naira which opened at N417.79 jumped to an intraday high of N413.00 and a low of N444.00 before closing at N418.00 for $1 on Wednesday, the third trading day of the week.

Foreign exchange supply increased 24.43 percent to $108.33 million recorded at the close of trading on Wednesday versus $87.06 million recorded in the previous session on Tuesday.

On the black market in Uyo, the naira was exchanged for N603.00 and sold for N607.00 per dollar on Wednesday.

By implication, the spread between the spot market (N418.00) and the parallel market (N603.00) is set at N185.00, leaving a margin of 30.7%.

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