• Thursday, December 07, 2023
businessday logo


FX market opens at N1,135 per dollar on black market

FX market opens at N1,135 per dollar on black market

The foreign exchange (FX) market opened on Thursday with the dollar trading at N1,135 on the parallel market, popularly called black market.

This was the same rate it closed on Wednesday. “We are still waiting and watching the direction of rate. The market is calm at the moment,” one of the black market operator’s said.

The naira depreciated against the dollar, losing 0.44 percent of its value on Wednesday on the parallel market.

The local currency exchanged with the dollar at the rate of N1,135 at the close of trading on Wednesday compared to N1,130 on Tuesday.

Read also: Double-digit naira depreciation expected in 2024, says EIU

On Tuesday, naira steadied at N1,130 per dollar after losing 1.8 percent from N1,110$1 on Friday.

The FX market closed on Wednesday with naira gaining 3.67 percent at the official market but weakened on the parallel market.

After trading on Wednesday the dollar was quoted at N818.99, which was stronger than N850.22 quoted on Tuesday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.

On Tuesday naira depreciated by 6.89 percent per dollar which was quoted at N850.22 from N795.41 on Monday.

The willing buyers and willing sellers quoted the dollar at a higher spot rate of N1,099 and a lower rate of N701/$1.