Business

Naira stable, exchanges for N740/$ at parallel market amid diaspora dollar inflow

BY Wasilat Azeez

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The naira, Nigeria’s currency, has maintained stability against the U.S dollar at the parallel market for the past week.

Bureau De Change operators (BDCs) across forex markets in Lagos quoted the naira at N740 to a dollar on Wednesday.

Checks by TheCable showed that N740 is the same rate the naira traded with the greenback currency last week.

Meanwhile, the BDC merchants put the buying price of the dollar at N740 and the selling price at N735, leaving a profit margin of N5.

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They attributed the naira’s stability to moderation in demand amid increased supply of dollars from Nigerians in diaspora who visited the country during the festive season.

“I can say that demand for dollars is just average. People have been bringing a lot of dollars to sell and collect naira,” Muhammad, a currency dealer at Alade Market in Ikeja, Lagos, said.

Meanwhile, the naira gained 0.11 percent to close at N461/$ at the investors and exporters (I&E) forex window on Tuesday, according to data published by FMDQ, a platform where FX is officially traded.

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The data also showed that forex worth $153.45 million were transacted among market dealers.

The Central Bank of Nigeria (CBN) has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the naira.

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