Naira stable at official market

Naira maintained stability against the U.S. dollar at the official market on Wednesday, a day after the local currency declined against the green back.

Data published on FMDQ securities exchange windows where forex is officially traded showed that the naira closed at N415.10 to a dollar on Wednesday, the same rate it exchanged on Tuesday at the spot market.

Forex turnover decreased by 33.50 per cent, with $215.29 million recorded at the close of business on Wednesday against the $323.56 million posted in the previous session on Tuesday.

Naira hit an intraday high of N404.00 and a low of N444.00 before closing at N415.10 to a dollar on Wednesday.

At the black market in Uyo and Abuja, dealers exchanged the naira with the greenback currency at N567.00 and N566.00 per $1 respectively, and was sold at N570.00 to a dollar.

The spread between the official and black market rates is pegged at N151.9 or N150.9, with a discrepancy of 26.70 per cent (if exchanged at N566) or 26.80 per cent (if exchanged at N567).