Naira loses at official market

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Naira fell marginally from the U.S. dollar at the state market on Thursday, since the currency exchanged hands with the greenback currency at N415.10 to a buck at the marketplace segment.

This means a N0.03 or 0.01 per cent difference from N415.07 it exchanged on Wednesday.

Data from FMDQ securities exchange windows where forex is officially traded revealed that forex turnover rose slightly from N147.34 million posted on Wednesday to N147.44 million (0.1 per cent increase) at the close of business on Thursday.

Naira reached an intraday most of N405.00 and a low of N444.00 before closing at N415.10 to a buck on Thursday.

The currency appeared to get at the black market.

In Uyo, dealers said they exchanged the currency at N560.00 and sold at N563.00 to a buck on Thursday. While at Abuja, dealers exchanged the naira at N564.00 and sold at N567.00 to a buck on Thursday.

The spread between both markets (official and unofficial) is pegged at N144.9 (N560) or 148.9 (N564), leaving a margin of 26 or 26.4 per cent at the close of business on Thursday.