Connect with us

Business

Official, unofficial exchange market gap increases to N77, as Naira wobbles

Published

on

Although a slight gain, Nigerian Naira recorded 0.03 percent improvement against the U.S dollar at the Investors & Exporters window of the foreign exchange market on Tuesday, data posted on the FMDQ Security Exchange.

However, the gain at the forex market was eroded by the black market rate as naira depreciated.

Naira closed at N409.00 at the trading session of the I&E window, this represents N0.13 or 0.03 per cent increase from N409.13, the rate at which it closed at the previous session on Monday.

Market participants maintained bid at around N400.00 and N411.00, before closing at N409.00.

Read also: Naira records 0.15% gain against dollar at exchange market

The market also witnessed improved liquidity as turnover increased by 55.42 per cent to $47.93 million as against the $30.84million posted on Monday.

However, naira fell slightly at the unofficial market on Tuesday, according to abokiFX.com.

Aboki data noted that Naira closed at N486.00 on the black market on Tuesday, a N1.00 or 0.21 per cent depreciation from N485.00 the rate it exchanged hands in the previous session on Monday.

By implication, the spread between the unofficial market and the I&E window exchange rate was pegged at N77.

Join the conversation

Opinions

Investigations