Naira sustains stability against dollar at official market

For the fourth straight session, the Naira ended trading unchanged against the US Dollar at the official foreign exchange market.

According to data from FMDQ securities, where the Naira is officially traded, the Nigerian currency finished Wednesday at N415.10/$1, the same exchange rate as on Friday, October 12, 2021.

Naira’s stability against the dollar came despite increased market activity from Investors and Exporters.

FMDQ figures showed that the value of transactions recorded at the midweek trading session stood at $298.88 million.

Wednesday’s transaction is $236.35 million or 377.9 per cent higher than the $62.53 million reported on Tuesday.

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However, at the interbank segment, the Nigerian currency was not too lucky as it depreciated against the American Dollar on Wednesday by 14 kobo to sell for N411.57/$1 in contrast to N411.43/$1 it was exchanged on Tuesday.

But the domestic currency closed flat against the Pound Sterling at the investors’ FX market window at N552.55/£1 and also closed flat against the Euro at N471.09/€1.

For the black market, a dollar continued to exchange at N545.