Naira Holds Firm Against Dollar

The naira has traded at ₦1,381.68 against the United States (US) dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday.

Official market data showed the local currency exchanging at ₦1,381.68 per dollar at the start of trading on Wednesday.

In the parallel market, also known as the black market, the dollar traded at about ₦1,408 for buying and ₦1,413 for selling, although rates may vary depending on location, transaction size and currency dealer.

Naira Rises to N1,355 per Dollar — Naira and Dollar Notes. Credit: Business Post Nigeria.

At the current rates, $100 would exchange for about ₦138,168 at the official market, while the same amount would sell for about ₦141,300 in the parallel market.

The gap between the official and parallel market rates continues to reflect demand and supply in Nigeria’s foreign exchange market.

The Central Bank of Nigeria (CBN) has continued its foreign exchange reforms to improve market liquidity and reduce the gap between the official and parallel market rates, although the black market still trades at a premium.

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