Nigeria: Naira Remains Stable At Official, Parallel Markets

Naira closed at N495.00 at the black market, the same rate it exchanged hands on Thursday and Friday last week respectively.

The naira remained stable against the U.S dollar at the Investors and Exporters (I&E) window on Monday, data posted on the FMDQ Security Exchange where forex is officially traded showed.

Similarly, the currency remained stable at the parallel market.

At the Nafex window, data posted showed that the domestic currency closed at N412.00 to the dollar, the same rate it traded in the previous session on Friday last week.

Monday's performance became evident as foreign exchange supply plummeted by 19.62 per cent, with $125.44 million posted as against $156.06 million posted in the previous session on Friday last week.

It saw an intraday low of N420.33 and a high of N400.00, according to the FMDQ data posted.

The last time the currency traded at N412.00 was on May 28 last week.

In a similar manner, the local unit, again, remained stable at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.

According to the data posted, the naira closed at N495.00, the same rate it exchanged hands with the hard currency in the previous session on Thursday and Friday last week respectively.

The disparity between the black market and official market rates currently still remains at N83.00. This translates to a margin of 16.80 per cent as of the close of business on Monday, the same rate it stood on Friday last week.

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