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Naira move close to dollar by N1.05

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Nigeria’s currency on Wednesday appreciated by 0.26 per cent stronger than the dollar at the Investors and Exporters (I&E) forex window according to data from FMDQ Security Exchange.

Naira closed at N408.75 at the trading session of the I&E window, This represents N1.05 or 0.26 per cent increase from N409.80 the rate at which it closed at the previous session on Tuesday.

Also the daily foreign exchange market turnover increased marginally by 4.98 percent to $34.76 million on Wednesday from $33.11 recorded on Tuesday.

However, at the parallel market Naira remained unchanged.

According to the data from Aboki FX, naira closed again at N486.00 on Wednesday. The same rate it exchanged on Tuesday.

Wednesday exchange rates indicates the gap between the parallel market and the I&E window is at N77.25.