Nigeria’s naira remained relatively stable on Tuesday across both official and unofficial foreign exchange markets. Despite a significant rise (94.46%) in dollar sales at the official market, the naira closed flat against the dollar, ending the day at N1,476.95.
This stability comes amidst increased dollar activity. The official market saw a substantial surge in dollar sales, reaching $236.99 million compared to $121.87 million the previous day. However, this did not translate into significant depreciation for the naira.
On the parallel market, the naira also held steady, hovering between N1,480 and N1,500 per dollar. This suggests that the increased official market activity did not cause a significant shift towards unofficial channels to acquire dollars.
Source: Business Day