Naira Trades 845/dollar at Parallel Market Today

The naira rebounded against the United States dollar at the parallel market, closing at 850/dollar on Wednesday.

This came about two days after the Central Bank of Nigeria announced its planned intervention in the foreign exchange market.

The naira was sold for around 950/dollar at the parallel market on Monday. It gained further and closed at 915/dollars on Tuesday.

A source at the Black market in Abuja on Thursday Afternoon further confirmed to Economic Confidential that trading now buys at 845/1$ and sells at 855/1$ against 850 sales recorded on Wednesday.

He said, “the exchange rate at the Black market is unstable and the inconsistency affects our trading. We bought and sold the naira at 845/$ and 855/$ today. The demand was lower compared to last week but uncertain what we will close with at the end of the day”.