Naira Trades N738/$1 at I&E Window, Sells 918/1$ at Parallel Market

Naira gained 4.79 percent of its value against the dollar at the Investors and Exporters (I&E) forex window on Wednesday.

At the end of trading on Wednesday, the dollar was quoted at N738.18/$1 as against N775.34/$1 quoted on Tuesday at the I&E window, data from the FMDQ indicated.

Willing buyers and willing sellers supplied dollars in the market as the volume of transactions jumped by 138.57 percent to $170.15 million on Wednesday from $71.32 million recorded on Tuesday.

A source at the parallel market, a also known as the black market in Abuja, told Economic Confidential that naira is being bought for N910/1$ and it sells at N918/1$ as at Thursday afternoon.

He said, “the exchange rate at the Black market is still unstable and the inconsistency might change the current rate later.

“Yesterday, we started trading with 923 and later closed with 917 but today we started selling at 918 but it is uncertain what we will close with at the end of the day.”