Naira Remains Stable At Official Market, Appreciates At Black Market

‌The naira closed at N411.50 against the U.S dollar at the official Investors and Exporters window.

It has remained stable against the US dollars which was also at N411/$ as recorded on Tuesday.

Also, the naira appreciates at the parallel market to close at N506/$, having traded at N508/$ the previous day, which represents N2 gain compared to Tuesday’s rate.

The naira keeps gaining strength at the black market as the official window maintains stability with 10.2% rise in dollar supply.

After the hike in exchange rates last week, due to CBN’s decision to stop allocation of FX to BDCs, normalcy seem to be returning to the forex market.

According to data tracked from the FMDQ, forex turnover increased from $115.17m recorded on Tuesday, to $126.92m on Wednesday.

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