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Nigeria: Naira Stable At Official, Parallel Markets

The currency maintained a firm position against the dollar.

Naira remained stable against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Wednesday, data from the FMDQ Security Exchange where forex is officially traded showed.

Also, the currency maintained similar status on the parallel market.

Naira closed at N409.75 at the trading session of the I&E window on Wednesday, the same rate at which it closed at the previous session on Tuesday.

This happened as naira touched an intraday high of N390.00 and a low of N412.00, before closing at N409.75 on Wednesday.

The stability of the domestic currency occured as turnover skyrocketed by 359.45 per cent, with $148.54 million recorded as against the $32.33 million posted on Tuesday.

In a similar manner, the domestic currency remained unchanged from the rate it traded at the unofficial market in the previous session on Tuesday, according to data posted on abokiFX.com, a website that collates parallel market rates in Lagos.

According to the data posted, the currency closed at N485.00, the same rate it exchanged hands with the greenback currency since March 12 last week.

This leaves the spread between the unofficial market and the I&E window exchange rate at N75.25, which translates to a gap of 15.52 per cent.

The CBN’s official rate on Wednesday was still N379 per dollar.