The Nigerian national currency, the naira demonstrated relative stability today in the Dollar to naira exchange rate, trading reports from the official Nigerian Foreign Exchange Market (NFEM) shows.
The Naira traded around ₦1,370.33 against the dollar in the official window, whereas, at the parallel market, also known as the black market, it was about ₦1,400 to the dollar selling, around ₦1,385/$, buying.
The gap between the official window and the parallel window was thus a marginal ₦30, even as exchange rates in the parallel market may vary slightly across cities and dealers depending on demand, supply and transaction volume.
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Experts see the Dollar To Naira Exchange rate today, especially, the relatively narrow spread between the official and parallel market rates as continued stability in the foreign exchange market.
This goes back to the Central Bank of Nigeria (CBN) which has sustained monetary policy pushes necessary to stabilising the value of the naira in exchange with other currencies.
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