Market News

The currency again remained stable at the parallel market.

By Abdulkareem Mojeed

Nigeria’s naira strengthened marginally against the U.S. dollar on the Investors & Exporters (I&E) window of the foreign exchange market on Thursday, data from the FMDQ Security Exchange where forex is officially traded showed.

However, the currency again remained stable at the parallel market.

Naira closed at N408.67 at the Thursday trading session of the I&E window, this represents a N0.13 or 0.03 per cent appreciation from N408.80, the rate at which it closed at the previous session on Thursday.

The local unit witnessed an intraday high of N382.00 and a low of N415.00, before settling at N408.67 on Thursday.

This happened as turnover slumped 79.3 per cent, with $43.97 million recorded as against the $212.43 million posted on Wednesday.

On the unofficial market, data from abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency remained unchanged from the rate it traded since the beginning of the week.

According to the data posted, naira again, exchanged with the green back at N480.00, the same rate it traded in the previous session on Wednesday.

This leaves the spread between the unofficial market and the I&E window exchange rates is pegged at N71.33 , which translates to a gap of 14.86 per cent.

The CBN’s official rate on Thursday was still N379 per dollar.