Home Business Naira gains at parallel market

Naira gains at parallel market

by
CBN warns banks, IMTOs still paying remittances in naira

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

However, the currency strengthened significantly on the parallel market .

Naira closed at N411.63 at the trading session of the I&E window on Tuesday. This represents a N2.33 or 0.57 per cent depreciation from N409.30, the rate at which it closed at the previous session on Monday.

This occurred as the local currency witnessed an intraday high of N388.25 and a low of N415.00, before closing at N411.63 on Monday.

The depreciation of the domestic currency happened as turnover increased by 142.7 per cent, with $59.17 million recorded as against the $24.38 million posted on Monday.

However, on the unofficial market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed the domestic currency strengthened against the greenback currency on Tuesday.

ALSO READ: Naira gains on I&E window

According to the data posted, the currency closed at N480.00, this represents N2.00 or 0.42 per cent appreciation from N482.00, the rate it exchanged in the previous session on Monday.

By this, the spread between the unofficial market and the I&E window exchange rate is pegged at N68.37, which translates to a gap of 14.20 per cent.

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

Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401…








Source link

related posts

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More