• Monday, June 24, 2024
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Naira flat on black market exchanges for 1,495/$

Naira exchanges at N1,495 on black market

The naira on Thursday exchanges flat at N1,495 against the dollar on the parallel market, popularly called black market.

This represents a flat rate of 0.33 percent compared to N1,490 exchanged on Wednesday according to data collated from online trading platforms and some street traders.

The dollar sold for N1,475 at Broad Street Lagos, where more throng around some banks to purchase the greenback.

The naira on Wednesday depreciated for the second trading day in the month despite an increase in the foreign currency reserves by 1.45 percent in one month.

After trading n Wednesday, the naira lost 0.78 percent of its value as the dollar was quoted at N1,488.60, weaker than N1,476.95 quoted on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ Securities Exchange Limited, indicated.

Read also: Nigerians consume $4.1bn FX in 3 months

The naira closed flat, losing 0.06 percent as the dollar was quoted at N1,476.95 on Tuesday, compared to N1,476.12 quoted on Monday.

Nigeria’s external reserves, which gives the Central Bank of Nigeria (CBN) the firepower to defend the has increased by 1.45 percent in one month to $32.77 billion in June 4, 2024 compared to $32.30 billion in May 3, 2024, according to data from the CBN website.

The naira depreciation was attributed to increased demand for dollars amid supply shortage. The dollar supplied by the willing sellers and willing buyers, including commercial banks, dropped by 13.32 percent to $205.43 million on Wednesday from $236.99 million recorded on Tuesday.

According to the FX market summary released by the FMDQ, the intraday high closed at N1,520 on Wednesday, slightly weaker than N1,500 closed for the past two trading days. The intraday low weakened to N1,363.85 on Wednesday as against N1,362.15 closed on Tuesday.