Naira falls at official market, stable at Black Market (See new exchange rate)

Naira has fallen at the official Market and stabled at Black Market, see the new Exchange Rate below.

NewsOnline reports that after the Christmas holiday, the naira on Wednesday, maintained stability as the dollar was quoted at the rate of N740 since Friday last week, at the parallel market.

Traders attributed the naira stability to moderation in demand amid an increased supply of dollars from the diasporas. People are bringing dollars and demand is not too much,” said one black market operator on Wednesday.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), described the parallel market as “a tainted market in Nigeria, where people desire to deal in illegal foreign exchange transactions including sourcing of FX cash for purposes of offering bribes, and corruption.

At the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange market, Naira depreciated by 1.06 percent as the dollar was quoted at N461.33 on Wednesday as against the last close of N456.50 on Friday before the holiday.