Naira at the parallel market on Thursday closed flat against the Dollar at N502 but gained 0.17per cent and 0.28per cent against the Euro and Pound Sterling to close at N606 and N713 respectively.
But the local currency at the Investors & Exporters Foreign Exchange (I & E FX) window gained 0.13 per cent against the Pound Sterling and Dollar closing at N579.60 and N410.95 respectively, it inched down by 0.18per cent against the Euro at N500.27.
The local currency had appreciated against the Dollar at the I&E window on Wednesday to close at N410.95/$1. This represents a 55 kobo gain when compared with the N411.50/$1 recorded on Tuesday.
An exchange rate of N420.77 to a dollar was the highest rate recorded during intra-day trading before it closed at N410.95/$1, while it also sold for as low as N400/$1 during intra-day trading.
According to FMDQ Exchange, a turnover foreign exchange of $89.89 million were traded by investors and exporters on Thursday.
Forex turnover at the I&E window rose massively by 261.5 per cent on Wednesday from $62.79million recorded on Tuesday to $226.98 million on Wednesday.
“Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies,” analysts at Investment One research explained.
