Naira gains at parallel market

Naira gains at parallel market

Nigeria’s naira gained significantly against the U.S. dollar at the unofficial market on Thursday, data posted on , a website that collates parallel market rates in Lagos showed.

The data posted showed that the naira closed at N485.00 at the black market, this represents a N1.00 or 0.21 per cent appreciation from N486, the rate it exchanged hands with the greenback in the previous session on Wednesday.

The last time the currency hit N485.00 at the parallel market was on April 9.

However, the local unit remained stable at the official market.

Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the domestic unit again closed at N410.00 at the trading session of the NAFEX window on Thursday.

Thursday’s performance became evident as forex supply increased significantly.

The naira experienced an intraday high of N394.00 and a low of N436.40 before closing at N410.00 on Thursday, the same rate it traded in the previous session on Wednesday.

This happened as forex turnover rose by 169.23 per cent, with $108.04million recorded as against the $40.13 million posted in the previous session on Wednesday.

Based on this, the spread between the parallel market and the official market exchange rate stood at N75.00 which translates to a gap of 15.46 per cent.

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