Naira Strengthens Against Dollar, Closes At N417/$

The Nigerian currency, Naira, on Friday strengthened against the US dollar by 0.5 per cent to close at N417 per the Greenberg.The Naira, on the last of the week, clinched a significant gain against the U.S dollar at the official market on Friday, a day after it fell at the spot market segment.

The currency closed at N417.00 to a dollar on the third day of business following the Eid-ul-Fitr and worker’s daybreak, according to data published by FMDQ, where forex is officially traded.

This represents a N2.00 or 0.5 per cent appreciation from N419.00 it exchanged in the previous session on Thursday.

The last time the local unit traded at N417.00 on the dot at the Nafex window was on April 19, last month.

The naira which started trading at N417.90 per $1 reached an intraday high of N410.00 and a low of N444.00 before closing at N417.00 to a dollar on Friday.

This is the highest rate the domestic currency has traded since the commencement of trading this week.

Foreign exchange turnover plummeted by 18.30 per cent with $88.42 million recorded at the close of Friday’s business against the $108.24 million posted in the previous session on Thursday.

In Uyo, black market dealers exchanged naira at N587.00 and sold N590.00 to a dollar, while Abuja street market dealers said the currency was exchanged at N584.00 and sold at N587.00 per $1 on Friday.