The naira gained significantly against the U.S. dollar at the unofficial market on Friday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

The data showed that the naira closed at N483.00 at the black market, a 0.41 per cent appreciation on N485.00, which it stood since April 22.

The last time the currency touched below N483.00 at the parallel market was on April 19 when it exchanged hands with the greenback at N482.00.

At I&E too

In a similar manner, the local unit strengthened marginally against the U.S dollar at the I&E window of the foreign exchange market on Friday as foreign exchange supply soared significantly.

Data posted on the FMDQ Security Exchange window where forex is officially traded showed that naira closed at N410.33 at the trading session of the NAFEX window on Friday

Friday’s performance represents N0.67 or 0.16 per cent appreciation from N411.00, the rate it traded in the previous session on Thursday.

ALSO READ: Naira gains at official market

This occurred as foreign exchange supply rose significantly. The forex turnover skyrocketed by 37.78 per cent, with $146.52 million recorded as against the $106.34 million posted in the previous session on Thursday.

The naira saw an intraday high of N400.00 and a low of N437.41 before closing at N410.33 on Friday.

The last time the currency (naira) closed at N410.00 and above was on April 26.

Based on the aforementioned, the spread between the parallel market and the official market exchange rate is pegged at N72.67 which translates to a gap of 15.05 per cent.

Source

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