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Naira and Dollars
NAIRA GAINS AT OFFICIAL WINDOW
NAIRA GAINED SLIGHTLY ON THE OFFICIAL MARKET TO TRADE AT N462.33 PER $1 ON
FRIDAY.
byAbdulkareem Mojeed
May 13, 2023
Reading Time: 1 min read
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Naira appreciated slightly by 0.24 per cent against the United States dollar on
the spot market segment on Friday to close at N462.33 per $1.
According to data published by FMDQ, where forex is traded officially, the
domestic unit opened at N463.50 per $1 but closed at N462.33 on Friday amidst
forex scarcity.
The naira traded within the range of N460.00 (high) and N467.00 (low) before it
later recovered some grounds to close at N462.33 per dollar on Friday against
the N463.42 recorded on Thursday.
The rate implies a N1.09 appreciation from N463.42 the naira closed officially
on Thursday.
Within the business period Friday, the forex turnover recorded is $161.91
million.
In the past four months, the local currency has exchanged against the greenback
at the official market within the range of N460 and above as the Central Bank of
Nigeria continues to adjust rates in an effort to manage the surging demand of
the hard currency and to close the spread between the official and unofficial
markets.
--------------------------------------------------------------------------------
READ ALSO: NAIRA SLIPS AT OFFICIAL WINDOW
--------------------------------------------------------------------------------
At the unauthorised market on Friday, currency dealers in Abuja said the dollar
was exchanged at N740.00 per $1 on Friday and Thursday.
“We were exchanging the currency at N738.00 since last week, but it climbed to
N740.00 on Thursday and today,” a dealer said.
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