The Naira rose marginally versus the US dollar on the Investor and Exporter market on Tuesday, a day after the local currency fell sharply on the spot market.
The official market for foreign exchange on Tuesday saw the naira settle at N791.42 to the dollar, according to data posted on the FMDQ website.
Gains on Tuesday constitute a N0.62 or 0.08 percent increase from the domestic unit traded on Monday, N792.04.
According to data published, the segment’s forex turnover also slightly rose by 4.2%. At the conclusion of business on Tuesday, the amount of currency delivered had increased from the $49.46 million recorded on Monday to $51.55 million.
According to data published, the segment’s forex turnover also slightly rose by 4.2%. At the conclusion of business on Tuesday, the amount of currency delivered had increased from the $49.46 million recorded on Monday to $51.55 million.
Tuesday’s naira opened at N779.50 per $1, but it fluctuated between an intraday high of N730.00 and a low of N845.00 during the trading window before finally settling at N791.42 per $1.
However, data received from traders indicated that the currency declined much more on the illegal market.
The dollar traded between N855.00 and N860.00 to a dollar in Uyo on Tuesday in the parallel market segment, compared to N850.00 on Monday.
Within Abuja, currency traders said the naira was exchanged at N860.00/$1 on Tuesday, as against N863.00 to a dollar on Monday.
