Naira Gains Significantly Against US Dollar, See Dollar Rate

Naira has gained significantly against US Dollar in the official market.

Truetells Nigeria  reports that Nigeria’s official currency, Naira has gained significantly against the U.S dollar at the official market, after the local currency experienced a profound fall against the hard currency in the previous session.

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Data from FMDQ securities exchange window, also known as the Investor and Exporters (I&E) window where forex is officially traded showed naira which opened at N413.71 closed at N413. 38 per $1.

The currency’s performance on Thursday implies N1.35 or 0.33 per cent appreciation from N414.73 it exchanged hands with the greenback currency.

Truetells Nigeria reports that this became significant as foreign exchange supply remained unchanged at $467.56 million, the same rate recorded at the close of business on Wednesday.

Naira touched an intraday high of N404.00 and a low of N415.20 before closing at N413.38 per $1 on Thursday.

At the black market in Abuja and Lagos, dealers exchanged the naira at N570.00 per $1 on Thursday.

In Uyo, dealers said it traded at N575.00 a dollar in the morning but rose to N573.00 at the close of business on Thursday.