Naira gains against dollar, as market turnover rises by 420.34%

Naira on Thursday gained against the dollar at the Investors & Exporters (I&E) window of the foreign exchange market to close at N409 to the dollar thanks to improved liquidity, data from the FMDQ Security Exchange has showed.

The N409 /1$ represents a N2.13 or 0.52 per cent appreciation from N411.13 to a dollar which it closed at the previous session on Wednesday.

The Naira appreciation was attributed to increased liquidity as the daily foreign exchange market turnover rose significantly by 420.34 percent to $192.11 million on Thursday from $36.92 million recorded on Wednesday.

Currency traders who participated in the trading on Thursday experienced an intraday high of N390.00 and a low of N415.00, before closing at N409.00.

Read also: Naira creeps close, gains against the dollar

However, at the unofficial market, data posted on abokiFX.com, showed the domestic currency remained unchanged at N484.00 the same rate it exchanged on Wednesday.

As it stands the difference between the unofficial market and the I&E window exchange rate is now at N75 which translates to a gap of 18.34 per cent.

Meanwhile, Bureau De Change (BDC) operators said it is planning to go after speculators and black market dealers distorting the naira exchange rate against the dollar and other global currencies.

This disclosure was made by the President of the Association of Bureau De Change Operators in Nigeria (ABCON), Aminu Gwadebe while speaking on the theme, ‘ABCON Sensitisation Against Volatility in the Exchange Rate’, at a virtual meeting with members of the association across all the six geo-political zones in Nigeria on Thursday.

Gwadabe said the BDCs will not allow forex speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.

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