Naira records very little gain as forex supply jumps by 79.23%

The value of the Nigerian naira against the US dollar was marginally positive on Thursday.

The local currency opened at N434.75 to a dollar but closed at N436.33 to a dollar, down from N436.50 in the previous session on Wednesday, according to data posted on the FMDQ website, where forex is officially traded.

Participants at the Investors & Exporters window ranged between N420.50 (high) and N438.35 (low) before closing at N436.33 per $.

The data also showed that the market recorded a 79.23 per cent increase in forex supply to $118.20 million on Thursday, compared to $65.95 million in the previous session on Wednesday.

On the black market, Naira remained at N710 against the US dollar, the same rate it closed on Wednesday.