Market News
Dollar-naira exchange rate remains flat on black market - DAILY POST
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The naira-to-dollar exchange rate remained flat in the black market.
Dayyabu Ashiru, a Bureau De Operator in Zone 4 Abuja, said the N1,560 exchanged for a dollar on Monday was the same rate as last Friday.
“We buy at N1555 per dollar and sell at N1650 at the close of work on Monday. This was the same rate as last Friday,” he said.
Meanwhile, at the official market, the naira depreciated against the dollar at the foreign exchange market.
According to FMDQ data, the naira further depreciated to N1,577.29 against the dollar on Monday from N1,563.80 last Friday.
This represents N13.49 depreciation against the dollar compared to the N1563.80 traded on Friday.
The development comes despite the surge in FX transaction turnover on Monday to $155.53 million from $126.50 million last Friday.
Last week, the Central Bank of Nigeria said it paid $122.67 million to 45 authorised dealers.
