Market News

Naira strengthens after two-day slip - PREMIUM TIMES

OCTOBER 16, 2021

The currency rose significantly from 422 to 415 against a dollar.

By Abdulkareem Mojeed

Naira gained significantly against the U.S. dollar at the official market on Friday, after the local unit slipped to all-time record low in the past two (Wednesday and Thursday) consecutive sessions of the market.

Data posted on FMDQ securities exchange window where forex is officially traded showed the domestic unit exchanged hands with the hard currency at N415.07 per $1 on Friday, representing a N7.00 or 1.70 per cent appreciation from N422.07 it exchanged on Thursday.

This happened as forex turnover in the segment increased from $306.77 million posted on Thursday to $377.28 (23.00 per cent) at the close of business Friday.

Naira clinched an intraday high of N404.00 and a low of N435.30 before closing at N415.07 per $1 at the close of business on Friday.

At the black market in Abuja, dealers exchanged the naira at the rate of N571.00 and sold at N573.00 to a dollar on Friday.

While at Uyo, dealers said they exchanged the currency at N 565.00, and sold within the range of N567 to 568.00 to a dollar on Friday.


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