Naira extends gain at official market

Naira clinched a meagre gain against the U.S. dollar at the official market on Tuesday, extending its appreciation at the spot market segment to a second day.

The local unit closed at N416.00 on the dot per $1 on Tuesday, a N0.67 or 0.16 per cent appreciation from N416.67 it exchanged on Monday, data posted on the FMDQ website where forex is officially traded showed.

This became significant as foreign exchange turnover declined slightly from what was recorded in the previous session on Monday.

Forex turnover plummeted by 1.70 per cent at the close of business on Tuesday with $138.95 million posted against the $141.31 million recorded on Monday.

Naira reached an intraday high of N406.00 and a low of N444.00 before closing at N416.00 at the close of business on Monday.

Abuja black market dealers exchanged the naira at N573.00 to a dollar and sold at N575.00 on Tuesday.