Market News

Naira appreciated by 0.52 at the official market but recorded a slight decline at the unofficial markets on Tuesday.

By Abdulkareem Mojeed

Naira strengthened against the U.S. dollar at the official market on Tuesday.

The local unit appreciated 0.52 per cent from N431.00 to close at N428.75 to a dollar on Tuesday, data published on the FMDQ website where forex is officially traded, showed.

Forex turnover on Tuesday decreased 1.8 per cent to $113.64 million from $115.67 million recorded in the previous session on Monday.

The naira hovered within an intraday high of N417.00 and depreciated to a low of N444.00 before closing at N428.75 per $1 on Tuesday.

However, the local unit recorded a slight decline at the street market on Tuesday.

Currency dealers at the Uyo black market said they bought the dollar at N667.00 and sold it at N670.00 to a dollar on Tuesday, as against the N663.00 it was exchanged in the previous market session on Monday.

At the Abuja parallel market on Tuesday, exchangers said the dollar was exchanged at N665.00 and sold at N668.00 at the close of business on Tuesday.