Home Business Naira gains at parallel, I&E markets

Naira gains at parallel, I&E markets

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Naira falls against dollar as CBN vows sanctions over remittances

Naira strengthened against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Thursday, data from the FMDQ Security Exchange showed.

The currency also gained on the parallel market.

At the spot market, Naira closed at N407.80 at the Thursday trading session, representing N2.20 or a 0.54 per cent on N410.00, the rate at which it closed at the previous session on Wednesday.

The appreciation took place as turnover rose by 34.93 per cent, with $62.69 million recorded as against the $40.79 million posted on Wednesday.

The local unit experienced an intraday high of N390 and a low of N424.15 before closing at N407.80.

Also, naira gained at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data, naira exchanged hands with the greenback at N477 to a U.S dollar, representing a 0.21 per cent over N478 it closed at the previous session on Wednesday.

This leaves the spread between the unofficial market and the I&E window exchange rates to N69.2, which translates to a gap of 14.51 per cent.

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

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