Naira unchanged on black market as demand slows
By The value of Nigeria’s currency was stable on Tuesday as the dollar was trading at N458 on the black market.
Traders said the market was quiet as demand slows on Tuesday unlike on Monday when demand increased.
At the retail Bureau, Naira also was stable at N460 per dollar. The same applies to the official forex window which has been stable at N361. 00k against the dollar.
However, the foreign exchange market opened with an indicative rate of N386.00k on Tuesday. This represents N0.83k gain when compared with N386.83k opened with on Monday at the Investors and Exporters (I&E) forex window, data from FMDQ revealed.
The market closed at N386.00k on Monday, which was N0.50k gain over N386.50k closed on Friday. The daily foreign exchange turnover increased by 66.42 percent to $63.44 million on Monday from $38.12 million recorded on Friday last week.