Naira gains at official market

Naira clinched a meagre gain against the U.S. dollar at the official market on Tuesday, a day after the local currency fell.

According to data posted by FMDQ where forex is officially traded, naira closed at N416.62 to a dollar at the close of business, translating to a N0.38 or 0.09 per cent appreciation from N417.00 it exchanged on Monday.

The local currency hit an intraday high of N410.00 and a low of N444.00 before closing at N416.62 on Tuesday.

The spot market foreign exchange turnover increased by 13.51 per cent with $144.29 million recorded as forex supply at the close of business on Tuesday against $127.12 million posted on Monday.

Street traders in Uyo exchanged the cureency at N584.00 and sold at N588.00 to a dollar on Tuesday, while Abuja currency exchangers said the naira exchanged hands with the greenback currency at N585.00 to a dollar, and sold at N587.00 per $1.