MARKET NEWS
Naira recovers by N25 in black market - BUSINESSDAY
The naira on Thursday recovered by N25 on the parallel market also known as black market, following a moderation in demand for dollars.
The naira traded at N1,690 per dollar on Thursday compared to N1,715 on Wednesday due to moderate demand amid activities of speculators on the black market.
“We don’t actually know what is happening. The dollar is just fluctuating,” one street trader told BusinessDay.
The naira on Wednesday fell against the dollar for the second time in the official market, since the introduction of the new trading platform by the Central bank of Nigeria (CBN), due to increased demand for the US currency.
After trading on Wednesday, the naira depreciated by 1.3 percent or N20 as the dollar was quoted at N1,545 compared to N1,525 quoted on Tuesday on the Electronic Foreign Exchange Matching System (EFEMS), data from the CBN showed.
The naira saw a reversal of its five-day winning streak on Monday, as increased demand for the U.S. dollar among end users pushed the local currency lower across various segments of the foreign exchange (FX) market.
