Naira Gains 0.16% To Close N416/$ at Official FX market

The Nigeria currency, Naira, on the last trading of the week strengthened against the US Dollar by 0.16 per cent to close at N416 compared to N416.67 sold the preceding day at the official market on Thursday.

This was contained in data obtained from the FMDQ website where forex is officially traded.

According to the data, the dollar sold for N416.51 while it was bought at N415.31, the naira oscillated to an intraday high of N444.00 and a low of N410.00, before closing at N416, a slightly better rate against the N416.67 on Thursday.

Although, the local currency stood at the same range it had been trading since the opening of business last week.

This represents a N0.3 or 0.10 per cent devaluation from N416.37 it exchanged in the previous session on Wednesday, with $109.75 million recorded as foreign exchange turnover at the close of business, on Thursday.

The last time the currency closed at N416.67 to a dollar was on Tuesday, which is by far, the lowest rate the naira has traded at the official market this month.

Meanwhile, the highest rate the local unit has exchanged hands with the greenback currency this month is N415.36 rate per $1 at the spot market segment, according to the CBN data on its website.

This meant that the currency strengthened by 4.4 per cent so far after it recorded an all-time low in December last year when the naira closed at N435.00.