Naira Watch
Naira official rate remains unchanged, value drops in black market
The Naira closed unchanged on Wednesday at the official market at N441.67 to the dollar.
FMDQ securities reports that the local currency did not change from its value on Tuesday, while the open indicative rate closed at N440.20 to the dollar on Wednesday.
An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N441.67.
READ ALSO:Naira makes gain against US dollar, as Bank of America predicts N520/$1 exchange rate
The naira sold for as low as 423 to the dollar within the day’s trading.
A total of 81.04 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.
Meanwhile, the local unit crashed significantly at the street market on Wednesday.
Traders who spoke to Ripples Nigeria said the dollar was exchanged at N755 on Wednesday as against N760 it traded on Tuesday.
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