The Naira, on Monday, November 14, remained stable at the parallel market trading at N455 to the dollar, the same rate at which it exchanged for on Friday, November 11.
The local currency had on Friday scooped N5 at the parallel segment of the foreign exchange market to trade at N455 to the dollar at the weekend, compared with the N460 to the dollar recorded on Thursday, November 10.
The stability in the parallel market came despite last week’s raid on the market. Recall that operatives of the Department of State Service, DSS, and Economic and Financial Crimes Commission, EFCC, had on Thursday, raided the market to arrest of some licensed currency dealers who were said to be selling forex above the prescribed limit.
Despite the shake up, the currency on Friday through to Monday gained grounds and maintained momentum at the parallel market.
