Business

Naira stable, gains at official, parallel market

Published

2 years ago

September 1, 2022

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The Naira strengthened against the US dollar on the official currency market after gaining 0.36 percent at the conclusion of business on Wednesday.

The Naira opened trading at N429.17 but closed at N429.44 to the dollar on Wednesday, compared to the N430 and above level it has been trading since the start of business this week, according to statistics provided by FMDQ, where forex is legally traded.

The Nigerian Naira reached an intraday high of N418.00 and a low of N453.20 before ending at N429.44 at the conclusion of sales on Wednesday, with $109.47 million delivered as Forex exchange during this period.

Similarly, at the black market, Naira recorded a slight gain as the end of the month saw more Nigerians working for foreign companies exchanging their earnings for Naira.

Currency traders said they purchased the dollar for N695.00 and sold it between N698.00 to N700.00, compared to N705 previously.