Naira records mixed trading day at official, unofficial market

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The Nigerian Naira recorded a mixed trading day on Friday, with gains at the unofficial market and losses at the official market.

In the official market, data from FMDQ securities indicated that the local currency lost N1.17 or 0.25 percent against the US Dollar on Friday to close at N464.00/$1 versus Thursday’s exchange rate of N462.83/$1.

This happened as FX turnover for the session stood at $62.16 million, 52.7 percent or $69.17 million lower than the $131.33 million posted a day earlier.

However, the unofficial markets, which are the peer-to-peer market and black-market naira recorded exchange rate improvement against the dollar.

READ ALSO:Naira reverses gain, falls at official and black market

In the P2P category of the forex market, the value of the local currency was fortified against its American counterpart yesterday by N2 as it finished at N748/$1 compared with the previous day’s value of N750/$1.

At the parallel market, the exchange rate of the Nigerian Naira to the United States Dollar closed at N740/$1 compared with Thursday’s exchange rate of N742/$1.

In the interbank segment, the exchange rate of the Naira to the Pound Sterling and the Euro remained unchanged on Friday at N571.92/£1 and N503.57/€1, respectively.

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