Friday, 18 June 2021 05:57

Naira posts gain at official, parallel markets

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Naira gained against the U.S. dollar at the official Investors and Exporters (I&E) window and the black market on Thursday.

The currency closed at N411.50 per dollar, a 0.12 per cent appreciation from N412.00 it traded in the previous session on Wednesday.

The Naira witnessed a forex turnover of $138.20 million, this translates to a 4.81 per cent rise from $131.86 million posted in the previous session on Wednesday.

The domestic currency reached an intraday low of N412.00 and a high of N400.00 before closing at N411.50 on Thursday. The last time the currency touched N411.00 and above at the Nafex window was on June 15 when it closed at N411.75 per $1.

Similarly, the Naira gained against the U.S. dollar at the parallel market segment on Thursday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data published, the local unit closed at N493.00 at the black market, this represents a N9.00 or 1.80 per cent appreciation from N502.00, the rate it traded in the previous session on Wednesday.

As a result of this, the spread between the black market and official market rates stood at N81.50, translating to a margin of 16.53 per cent as of the close of business on Thursday.

 

PT