Breaking: Naira maintains stability against the US dollar

Crednews Nigeria reports that naira recorded no visible movement against the United States dollars at the Investors and Exporters window on Tuesday, a day after it appreciated slightly.

The local currency, which opened trading at N460.90 per dollar on Tuesday, closed the day’s market at N461.50 per dollar, the same rate it exchanged hands with the greenback currency at the official window in the previous session on Monday.

According to data published on FMDQ website where forex is officially traded, the domestic unit moved to an intraday high of N440.00 and touched a low of N462.00 per dollar before closing at N461.50 at the close of market Tuesday.

A total of $55.52 million was recorded as forex turnover within this period, translating to a 72.04 per cent decline from $198.60 million posted in the previous session on Monday.

However, the local currency rate against the dollar at the unauthorised window has been within the N735.00 and N745.00 per $1 mark in the last few weeks.

In Uyo, Akwa Ibom State, currency dealers said they exchanged the naira at N740.00 and sold at N745.00 to a dollar on Tuesday, the same rate it traded in previous sessions.

Similarly, currency dealers in Abuja said the dollar exchanged against the local currency at N745.00 and sold for N747.00 and above on Tuesday.