Market News

It comes a day after the currency hit an all-time low Monday.

By Abdulkareem Mojeed
 

Naira clinched a meager gain against the U.S. dollar at both the official and unofficial market windows of the forex market on Tuesday after the currency hit an all-time low at the black market segment on Monday.

According to abokiFX.com, a website that collates the parallel market rates in Lagos, Naira closed at N526.00 per $1 at the black market on Tuesday.

The currency’s performance on Tuesday implies a N1.00 or 0.20 per cent appreciation from the N527.00 it exchanged hands with the greenback currency in the previous session on Monday.

Similarly, data posted on the FMDQ Security Exchange window where forex is officially traded showed that the naira closed at N411.08 per $1 at the official market on Tuesday.

This translates to a N0.55 or 0.13 per cent rise from the N411.63 rate recorded in the previous session on Monday.

It staged an intraday high of N400.00 and a low of N415.20 at the trading session before closing at N411.08 on the dot.

The Forex turnover recorded at the market segment is pegged at $72.50 million at the close of business on Tuesday.

The disparity between both market rates stood at N114.92 as of the close of business on Tuesday, leaving a margin of 22.00 per cent.