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Naira Closes 1,402/$ at Official Market
The naira traded at a loss on the official market, depreciating to N1,402 towards america greenback on Thursday.
In line with knowledge from the FMDQ change securities, the naira dropped by N12 or 0.86 per cent from the N1,390 recorded on the shut of buying and selling exercise on Tuesday.
There was no buying and selling exercise on Wednesday because of the Employee’s Day celebration.
On the Nigerian Autonomous International Trade Market, the intraday excessive closed at N1,445 on Thursday weaker than N1,450 on Tuesday. The intraday low additionally depreciated to N1,299 on Thursday as towards N1,200 on Tuesday.
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{Dollars} provide at NAFEX appreciated by 3.1 per cent or $7m to $232 on Thursday from $225.36m recorded on Tuesday.
The naira had depreciated following a renews demand for the dollar at each the official and parallel market.
Primarily based on knowledge from the FMDQ official buying and selling platform, the naira gained N28.15 on the ultimate buying and selling day of April, settling at N1,390.96/$ as towards N1,419/$ on April 29.
The constructive pattern was additionally mirrored in buying and selling volumes, with a 52.45 per cent surge in foreign exchange turnover, reaching $225.36m, up from the prior quantity of $147.83m.
Nonetheless, in contrast with the start of April, the April 30 charge was a 5.8 per cent depreciation from N1,309.39 seen on April 1.
Equally, Bureau De Change operators mentioned the naira recorded a discount in worth on the parallel market on Thursday.
