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Naira recorded a slight acquire in opposition to the USA greenback at each the authorised and unauthorised foreign exchange markets on Thursday, market knowledge reviewed confirmed.
Based on official market knowledge printed by FMDQ, the naira closed Thursday at N1,481.49/$1 in opposition to N1,488.60/$1 posted within the earlier section on Wednesday.
Thursday’s price signifies a N7.11 or 0.48 per cent appreciation from N1,488.60 recorded on Wednesday.
Throughout the enterprise interval on Thursday, international alternate turnover elevated by 3.84 per cent ($213.31 million) from $205.43 million recorded within the earlier section on Wednesday.
The home unit additionally skilled an intraday excessive of N1,401.00 and a low of N1,505.00 to a greenback earlier than closing at N1,481.49/$1 on the authorised session of the FX market on Thursday.
Weekly efficiency
A assessment of the official market forex knowledge posted this week indicated that the naira has been buying and selling at N1,400 and above the mark on the section prior to now week.
On Monday, market knowledge posted exhibits that the naira closed at N1,476.12/$1. The forex depreciated additional on Tuesday and Wednesday to commerce N1,476.95 and N1,488.60 to a greenback, respectively.
Equally, the native forex recorded a marginal acquire on the parallel market on Thursday after the forex slipped barely within the earlier session on Wednesday.
Based on the unofficial market knowledge, the greenback was exchanged at N1,496.4 and above on Thursday, as in opposition to N1,498.4/$1 and above recorded on Wednesday.
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On Tuesday, the greenback exchanged at N1,477.9/$1, as in opposition to N1,487.4/$1 posted on Monday.
The continual depreciation of the naira in opposition to the buck forex in current months got here amidst a major surge in demand for the greenback and market hypothesis.
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