Naira remains stable against Dollar at official, black markets

The value of Nigerian currency, the naira remains unchanged against the US dollar at the official exchange rate market.

In the Investors and Exporters (I&E) arm of the market, the Naira traded flat against the US dollar at N461.50/$1 despite coming under heavy forex demand pressure.

Data from FMDQ Securities Exchange showed that forex trades worth $105.37 million were completed in the midweek session at the I&E, $20.33 million or 23.9 percent higher than the $85.04 million recorded on Tuesday.

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Participants during the trading day exchanged the naira as high as N462 to a dollar and a low of N446 before closing the day at N461.

In the parallel market, currency traders recorded low activity as Nigerians were more concerned with the scarcity of cash in the financial system, queuing in banks and ATM galleries for hours just to withdraw their money.

At the close of business yesterday, the exchange rate of the Naira to the Dollar remained unchanged at N750/$1.

At the Peer-to-Peer (P2P) segment, the Nigerian currency gained N1 against its American counterpart to settle at N760/$1, in contrast to Tuesday’s value of N759/$1.

Also at the interbank window, the Naira appreciated against the British Pound Sterling by N2.51 to trade at N568.42/£1 versus the preceding session’s N570.93/£1 and gained 16 Kobo against the Euro to close the day at N502.35/€1 compared with N502.51/€1 of the previous day.