The Naira remained stable at the parallel market and Nigerian Autonomous Foreign Exchange (NAFEX) window or Investors and Exporters window on Monday April 26, 2021.
At the NAFEX window, where forex is traded officially, naira remained stable as it closed at N410 to a dollar, the same rate that was recorded on Friday, April 23, 2021.
At the Investors and Exporters (I&E) window, the exchange rate between the naira and the US dollar traded for as high as N436.55 to one dollar before closing at N410/$.
Forex turnover at the Investor and Exporters (I&E) window rose by 48.2 per cent on Monday, April 26, 2021.
Also at the parallel market, naira closed at N485 against dollar the same rate it recorded last week Friday.
The closing rate indicated that the exchange rate differential between NAFEX market and parallel market is N75.
The rising oil revenue and increased remittance inflows due to the ‘Naira for Dollar’ incentive policy have helped boost foreign exchange reserves from $34.845 billion to $35.22 billion this month, according to the Central Bank of Nigeria.