Naira Goes Back to N415/$1 at the Official Market

The Nigerian currency continued its run of marginal changes against the dollar, returning to close at N415.07 per dollar on Wednesday. This is according to the Official Investors and Exporters window where the Naira is traded officially.

The last time the Naira closed at the same amount which it did the previous day was last week, when it closed at N415 per dollar for two straight days. Since Friday, the currency has been changing in value, but the changes have only been marginal.

So far, the Central Bank of Nigeria is yet to take any drastic action which could catapult the Naira into a position where it is stable and good for the economy.

The FMDQ group released on its website the rates at which the Naira traded against the dollar on Wednesday. This is also regarded as the Spot rate. The Spot rate rose to a high of N405 per dollar, but fell only to N432 per dollar.

This is much better than the N450 per dollar lowest which it recorded on Tuesday. It also means that throughout the entire day, all transactions involving the Naira and the dollar traded between N405 and N432, before settling to close at N415.07 per dollar.

The Forward rate however maintained its stance from the past two days, rising only to N411 per dollar and falling to N453.50 per dollar. For all transactions which were agreed to take place in the future, the Naira traded between N411 and N453 per dollar.

The FMDQ group also stated on its website that the total volume of the dollar which was traded on Wednesday rested at an amount of $243.34 million, which is an increase of nearly a hundred million dollars from the total turnover recorded on Tuesday.

The official Central Bank of Nigeria website paints a picture of stability, as the Naira still maintains the N411 per dollar price which it has sat at for over two months.