Naira gains 3.67% at official market

BUSINESS DAY

The foreign exchange (FX) market closed on Wednesday, with naira gaining 3.67 percent at the official market but weakening on the parallel market.

After trading on Wednesday, the dollar was quoted at N818.99, stronger than N850.22 quoted on Tuesday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.

On Tuesday, the naira depreciated by 6.89 percent per dollar, which was quoted at N850.22 from N795.41 on Monday.

The willing buyers and willing sellers quoted the dollar at a higher spot rate of N1,099 and a lower rate of N701/$1.

At the parallel market, the black market, the naira depreciated against the dollar, losing 0.44 percent of its value.

The local currency exchanged with the dollar at N1,135 at the close of trading…