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Naira Watch

Naira gains massively at black market as official rate remains unchanged

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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.

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