Market decline

Naira gains but black market decline continues

The naira notched a meager gain against the US dollar in the official market on Friday, after falling for two days.

The currency, which opened at 418.35 naira on Friday, closed at 419.02 naira to the dollar, according to data released by FMDQwhere forex is officially traded, revealed.

This implies an appreciation of N1.31 or 0.31% from N420.33 traded on Thursday.

The naira saw an intraday high of N410.00 and touched a low of N444.00 before closing at N419.02 for $1 on Friday.

ALSO READ: Naira Sees Sharp Fall Against Dollar

Forex turnover showed no significant movement with $75.56 million recorded at the close of business on Friday, the same rate posted in the previous session on Thursday.

In Uyo, traders traded the naira at 602.00 naira and sold it at 605.00 naira for the dollar on Friday.

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