FX Market Opens on Thursday With Naira Exchanging for Dollar at N1,135 in the Black Market

On Thursday, the foreign exchange (FX) market opened with the dollar trading at N1,135 at the parallel market. This rate was the same as how the market closed on Wednesday.

An operator in the black market said: “We are still waiting and watching the direction of the rate. The market is calm at the moment.”

On Wednesday, it was reported that the naira fell against the dollar by 0.44% at the parallel market, also called the black market.

The naira was exchanged with the dollar at N1,135 at the close of trading on Wednesday, compared to how it traded for N1,130 on Tuesday.

On Tuesday, the naira stood at N1,130 per dollar after losing 1.8% from N1,110/$ on Friday.

On Wednesday, the foreign exchange (FX) market closed, with the naira gaining 3.67% at the official market but declining at the black market the same day.

After the close of trading on Wednesday, the dollar was quoted at N818.99, stronger than N850.22 quoted on Tuesday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.

It was also reported that the naira fell on Tuesday by 6.89% for a dollar, which was quoted at N850.22 from N795.41 on Monday.