Naira gains at official market

Naira gained marginally against the U.S. dollar at the official market on Tuesday, a day after it recorded a decline.

According to data published by FMDQ, where forex is officially traded, the local currency closed at N418.25 to a dollar at the close of business on Tuesday.

This implies a N0.75 or 0.2 per cent increase from N419.00 it exchanged in the previous session on Monday.

The naira which started trading at N417.70 per $1 oscillated to an intraday high of N412.00 and touched a low of N444.00 before closing at N418.25 to a dollar on Tuesday.

The highest and lowest rates the domestic currency has traded this month is the N417.00 and N419.00 to a dollar benchmark respectively.

Foreign exchange turnover rose by 341.30 per cent with $234.54 million recorded at the close of Tuesday’s business against the $53.15 million posted in the previous session on Monday.

In Uyo, black market traders exchanged the naira at N588.00 and sold N592.00 to a dollar, while Abuja street market dealers said the currency was exchanged at N585.00 and sold at N587.00 per $1 on Tuesday.

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