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The naira traded relatively stable against the United States dollar on Wednesday across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Data from the official market showed the naira exchanging at an average rate of ₦1,364.54 to the dollar. Trading opened at about ₦1,367.00 before settling around ₦1,364.50 during morning transactions.
In the parallel market, also known as the black market, Bureau De Change operators quoted the dollar at about ₦1,410 for buying and ₦1,425 for selling. Rates varied across locations depending on transaction size and market liquidity.
Market participants attributed the continued narrowing of the gap between the official and parallel market rates to the Central Bank of Nigeria’s (CBN) liquidity interventions and its recent monetary policy measures.
Investors, importers and other foreign exchange users are also monitoring developments in global markets and Nigeria’s foreign reserves as trading continues.
