Naira Appreciates Against The Dollar on the Official Market.
Following a tiny 0.36 percent increase at the conclusion of business on Wednesday, the naira appreciated versus the dollar on the official foreign exchange market.
In contrast to the N430 and above mark it has been trading since the start of business this week, statistics provided by the FMDQ website, where forex is official, revealed that the naira commenced trading at N429.17 but concluded at N429.44 to a dollar on Wednesday.
The local currency surged to an intraday high of N418.00 and plunged to a low of N453.20 before ending at N429.44 on Wednesday at the close of sales, with $109.47 million supplied as Forex exchange during this time.
However, black market exchange rates examined across key States showed that the Naira has maintained stability against the dollar in the last three straight working days.
Currency dealers in Uyo and Abuja claimed that from the start of this week, they purchased the dollar at N695.00 and sold it for between N698.00 and N700.00.
A currency broker in Uyo told Premium Times, “The price has remained the same and I don’t know why it is thus.”
Another trader at the Abuja zone 4 market claimed that although the exchange rate has been unchanged since trading began this week, it is likely to rise or fall before the week is up.