Naira gains at parallel market, loses at official market

Nigeria’s currency, the Naira gained significantly at the parallel market, closing at N690/$1 on Tuesday compared to N722 on Monday

However, at the Investors and Exporters Window, the Naira sustained it losing streak against the US Dollar for the second day running.

Data from FMDQ securities where Naira is officially traded showed the exchange rate on Tuesday closed at N436.33 to a dollar.

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The figure represented a decrease of 0.08 per cent, compared with N436 it exchanged for the dollar on Monday.

The data revealed that the market opened Tuesday at N434.93 and exchanged as high as N441 during trading before it settled at N436.33.

Naira’s poor performance occurred despite an increase in the amount of forex supply to the market.

FMDQ reports that a total of $99.43 million was traded among participants compared to $78.10 million on Monday