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FX market resume with naira stable on black market

The foreign exchange market resumed on Monday with Naira stable as the dollar was trading at N458 on the black market.

Traders attributed the stability of the exchange rate to moderation in the demand for dollar amid liquidity and uncertainty about when the Central Bank of Nigeria (CBN) would resume dollar sales to Bureau De Change (BDC) operators.

The local market was also stable at the retail bureau and the official market where the dollar was quoted at N460 and N361 respectively.

However, at the Investors and Exporters (I&E) forex window, Naira signaled depreciation as the market opened with an indicative rate of N386.86k on Monday morning compared with N386.36k it opened with on Friday last week, data from the FMDQ revealed.

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