• Monday, June 24, 2024
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BusinessDay

Naira remains calm across FX markets dollar sales rise by 94.46%

Nigeria reserve climbs to three month high of $33.5 billion as naira finds stability

The naira on Tuesday remained calm across the foreign exchange (FX) markets as the dollar sales surge by 94.46 percent at the official market.

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 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to the market summary released by the FMDQ Securities Exchange Limited.

The dollar sales by willing buyers and willing sellers increased significantly by 94.46 percent to $236.99 million on Tuesday from $121.87 million recorded on Monday.

According to the market summary, the intraday high closed steady at N1,500 per dollar, while the intraday low depreciated to N1,362.15 on Tuesday as against N1,250/$1 closed on Monday.

The local currency steadied at the rate of between N1,480 and N1,500 on the parallel market also known as black market.