The naira, on Wednesday, January 25, has stayed static at the parallel or black segment of the Nigerian foreign exchange, forex, market, exchanging at N498 against the U.S Dollar.
The local currency traded at the same rate at the parallel market on Tuesday, January 24, trading at N498 against the greenback.
Since the start of the new year, the naira has continued to fluctuate against major currencies as the nation’s currency market remains volatile.
Although the naira caught a quick break in the second week of January, when it firmed up against the United States Dollar at the parallel market, it had continued to hover around the range of N490.
At the end of the second week of January, the Naira gained its footing after an abysmal 2016 close, adding three points at the unofficial segment against the greenback to exchange for N490/$1, in contrast to the N493/$1 which it traded for at the end of the first week.