The Naira closed at N410.00 on Tuesday at the official market, gaining against the U.S. dollar. The appreciation is happening barely 48hrs after a major slip at the official and parallel markets.
According to Data posted on the FMDQ Security Exchange where forex is officially traded, the currency closed at N410.00 per $1 on the official Nafex window, as forex supply rose from what was recorded in the previous session on Monday.
Tuesday’s performance represents a 0.41% appreciation from N411.67 it traded in the previous session on Monday.
Forex turnover increased by 79.54 per cent with $169.07 million posted as against the $94.17 million recorded in the previous session on Monday.
Naira hit an intraday low of N420.88 and a high of N387.67 before closing at N410.00 on Tuesday.
However, the currency is stable against the U.S. dollar at the parallel market in a data published on abokiFX.com, a website that collates parallel market rates.
According to the data, the local unit exchanged hands with the hard currency again at N500.00 per $1 on the dot at the black market.
By implication, the spread between the parallel market and Nafex window rates is pegged at N90.00. This translates to a disparity of 18.00% as of the close of business on Tuesday.