Naira sells N786.02/$ officially, N1170/$ at parallel market

Naira sells N786.02/$ officially, N1170/$ at parallel market

The naira appreciated against the dollar on Wednesday, closing at N786.02/$1 at the official market.

This represents a 3.73 per cent increase from the N815.32/$1 recorded on the previous day.

The intraday high recorded was N1101.00/$1, while the intraday low was N701.00/$1, representing a wide spread of N400/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $105.98 million, representing a 41.82 per cent decrease compared to the previous day.

On the black market where forex is sold unofficially, the exchange rate also appreciated marginally by 0.85 per cent, quoted at N1170/$1, while peer-to-peer traders quoted around N1180/$1.

The naira traded at N1,185 at the parallel market otherwise known as black market on Tuesday, Newstrends reported on Wednesday.