Naira remains stable at official, parallel markets

The naira maintained stability against the U.S dollar at both the official and black markets on Thursday.

Data posted on the FMDQ Security Exchange, where forex is officially traded, showed that the naira closed at N436.50/$1 at the Nafex window, the same rate it exchanged hands with greenback currency in the previous session on Wednesday.

The domestic currency hit an intraday low of N437.00 and a high of N400.00 before closing at N425.00 on Thursday.

This happened as the value of transactions at the I&E window dropped to $101.74 million compared to $133.97 million on Wednesday.

Read also: Naira reverses gain, weakens at official market

Similarly, the naira remained stable against the U.S. dollar at the parallel market.

Traders who spoke to Ripples Nigeria said the local unit exchanged hands with the greenback currency again at N712/$1 per $1 on the dot at the black market on Thursday.

By this, the disparity (spread) between the parallel market and the official rates also remained unchanged at N275.5.

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