Naira strengthens at I&E window, closes at N791.42

The Naira appreciated slightly against the United States dollar on the Investors and Exporters (I&E) on Tuesday, a day after the local currency recorded a sharp fall on the spot market.

According to data posted on the FMDQ website where forex is officially traded on Tuesday, the naira closed at N791.42 to a dollar at the official market.

Tuesday gain represents a N0.62 or 0.08 per cent appreciation from N792.04 the domestic unit traded on Monday.

Forex turnover within the segment also increased marginally by 4.2 per cent, data posted showed. The forex supplied climbed from $49.46 million recorded on Monday to $51.55 million at the close of business on Tuesday.

The naira opened trading on Tuesday at N779.50, but traded within an intraday high of N730.00 and dropped to a low of N845.00 within the business window before it eventually settled at N791.42 per $1.

READ ALSO: Naira gains at I&E window, closes at N742.9/$1

However, the currency depreciated further at the black market, information gathered from traders showed.

At the parallel market segment on Tuesday, the dollar traded within the range of N855.00 and N860.00 to a dollar in Uyo as against N850.00 it traded on Monday.

In Abuja, currency traders said the naira was exchanged at N860.00/$1 on Tuesday, as against N863.00 to a dollar on Monday.

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