• Friday, March 29, 2024
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BusinessDay

FX market reverses gain, opens at N387.10k to dollar

Naira

The foreign exchange market on Friday reversed its previous gain as it opened with an indicative rate of N387.10k per dollar at the Investors and Exporters (I&E) forex window.

This represents N1.27k depreciation when compared with N385.83k opened with on Thursday according to the data from FMDQ.

The local currency strengthened by N0.36k as the dollar was quoted at N386.58k on Thursday compared with N386.94k traded on Wednesday at the I&E window.

At the parallel market popularly called the black market, the cost of dollar was N455 the same rate it closed with on Thursday.

The official rate at the Central Bank of Nigeria (CBN) also remained stable at N361.00k per dollar. Scarcity of the greenback has persisted in the market following the sharp drop in the price of oil. The price of Brent crude stood at $32.07 per barrel as at Friday morning.