Naira gains at black market

Naira gained marginally against the U.S. dollar at the parallel market on Monday after witnessing a slight depreciation in the previous session last week Friday.

However, the local unit fell against the greenback at the official market window after it gained significantly at the previous session on Friday last week

Data published on the FMDQ Security Exchange where forex is officially traded showed that the local unit closed at N411.67 per $1 at the Nafex window on Monday.

Monday’s performance represents a N1.29 or 0.31 per cent depreciation from the N410.38 rate it traded in the previous session on Friday last week.

This became evident as the naira staged an intraday low of N412.20 and a high of N400.00 before settling at N411.67 on Monday.

The dollar volume supplied rose by 44.31 per cent, with $168.19 million recorded at the end of the market session as against the $116.55 million posted in the previous session on Friday last week.

This leaves the spread between the black market and the official window rates at N91.33, leaving a margin of 18.20 per cent as of the close of business on Monday.