Unstable naira pauses rally, opens at N1,020 per dollar

The foreign exchange (FX) market opened on Monday with the naira/dollar exchange rate quoting at N1,020/$ as rally pauses on the parallel market, also known as the black market, following uncertainty around the government’s FX policies.

At the weekend, the naira strengthened to 970 per dollar on the black market, following some positive sentiments around government plans to shore up dollar liquidity in the foreign exchange market.

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Traders could not determine the actual rate as the rates keep fluctuating. “In the morning I bought dollars at N980 but now it is N1,000 (buying) and N1,020, selling rate. So I cannot say exactly what the rate is now,” a street trader at Apapa said.

At CMS, the dollar was trading for between N1,000 and N1,020. Some traders were ready to buy at the rate of N1,000 from individuals.