Naira strengthened against the U.S. dollar at the official forex market after it appreciated slightly by 0.36 per cent at the close of business on Wednesday.
Naira opened trading at N429.17 but closed at N429.44 to a dollar on Wednesday, as against the N430 and above mark it has been trading since the commencement of business this week, data published by FMDQ website where forex is officially, revealed.
The domestic currency soared to an intraday high of N418.00 and plummeted to a low of N453.20 before closing at N429.44 at the close of sales on Wednesday, with $109.47 million supplied as Forex exchange within this period.
However, the Naira has maintained stability against the dollar in the parallel market in the last three consecutive business days, black market exchange rates reviewed across major States showed.
In Uyo and Abuja , currency dealers said they bought the dollar at N695.00 and sold within the range of N698.00 and N700.00 since the beginning of this week.
“The price has remained the same and I don’t know why it is so,” a currency dealer in Uyo told PREMIUM TIMES.
At the Abuja zone 4 market, another dealer said the currency rate has remained the same since the commencement of trading this week but that it is likely going to rise or fall before the week runs out.
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