Connect with us

Naira Watch

Naira gains massively at black market as official rate remains unchanged



Naira closes strong against U.S dollar on Tuesday

On Wednesday, the Nigerian currency gained significantly against the US dollar in the black market and stayed unchanged at the official market.

Ripples Nigeria spoke to Black market traders in Okota, Ikeja and Isolo areas of Lagos State and they all confirmed how they had agreed on a rate of N565-N567 per dollar.

When compared to the N570/$1 some had exchanged at the start of the week, Wednesday rate was N5 gain for Naira.

Read also: Naira falls again on strong holiday demand

According to the traders, the reduction in the exchange rate was caused by the fact that the anticipated rush for foreign currency did not occur.

Pressure for dollars also eased at the Investors and Exporters (I&E) segment of the official foreign exchange (FX) market.

Data from FMDQ securities where Naira is traded showed Wednesday trade closed at N415.10/$1 the same rate from the previous day.

The performance of the market happened as traders transacted $215.29 million on Wednesday compared with $323.56 million achieved on Tuesday.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

sixteen + 10 =