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Naira stable at official market


Naira recorded no significant change against the U.S dollar at the official market on Friday after it fell slightly in the previous session on Thursday.

The currency, which opened trading at N413.83 per $1, closed at N415.07 to a dollar at the Nafex window (official market) on Friday, the same rate it exchanged in the previous session on Thursday.

This became evident as forex turnover decreased significantly from what was recorded at the close of business on Thursday.

Data posted on FMDQ securities exchange windows where forex is officially traded showed that the foreign exchange supply plummeted by 54.4 per cent with $151.03 million recorded at the close of business on Friday, as against the $331.11 million posted on Thursday.

ALSO READ: Naira gains at official market

Naira hit an intraday high of N405.00 and oscillated to a low of N444.00, the same range it traded on Thursday before closing at N415.07 to a dollar on Friday.

At the parallel market in Uyo, dealers said they exchanged the naira at N568.00 to a dollar and sold at N572.00, while exchangers in Abuja black market said they exchanged the local unit at N572.00 per $1 and sold at N573.00.

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