Naira Remains Stable At Black Market

Naira Remains Stable As Forex Reserves Rise

Nigeria’s naira to dollar exchange rate has remained stable for fore over five days since last week at the parallel or black market.

At the parallel market/black market, the naira to dollar exchange rate closed at N485 to one dollar the rate it had maintained since last week.

Naira traded for N413 at the Investors and Exporters window before closing at N409.3 on Thursday, April 1, 2021, which was the last trading day before the public holiday.

This represents 0.15 percent depreciation compared to a rate of N408.67 per dollar recorded on Wednesday, March 31, 2021.

The closing rate indicated that the exchange rate differential between NAFEX market and parallel market is N75.7.

A forex trader at AZA Finance, Oghenefejiro Eduviere, predicted stability in the market this week in the absence of new policy directives.

He said, “In the absence of any new policy announcements, we expect the Naira to continue in this relatively rare stable mode for the coming week, hovering around 480-490 levels on the parallel market and 408-420 levels on the I&E window.”

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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