Naira flat on black market exchanges for 1,495/$

On Thursday, the naira is trading unchanged at N1,495 per dollar on the black market, or parallel market.

This amounts to a flat rate of 0.33 percent in comparison to the N1,490 that was traded on Wednesday, based on information gathered from various street vendors and internet trading platforms.

At Broad Street Lagos, where many swarm around certain banks to buy the greenback, the dollar sold for N1,475 N.

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Despite a 1.45% rise in foreign currency reserves in only one month, the naira fell on Wednesday for the second trading day of the 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.

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.

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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.