The Nigerian currency took a stable position, closing at N414.40 per dollar at the Investors and Exporters window where the Naira is officially traded.
This was barely an improvement from the previous closing, as the recorded rise was a mere forty kobo higher than the N414.80 per dollar recorded at the close of the previous day.
This represents yet another marginal rise that cannot be taken as a sign of improvement in the economic situation of the country. The state of the nation is one that needs a significant rise in the exchange rate, especially as we approach the festive period.
However, a sudden significant rise cannot be seen without spectacular action by the major economic players in the country.
The Spot rates and Forward rates remained largely the same as that of the previous business day. The Spot rate rose to as high as N405 per dollar, N1 less than the usual price of N404. The rate also fell as low as N445.75 per dollar, also close to the usual price.
For the Forward rate, the Naira was traded as high as N411 per dollar which is the same price at which it traded on Thursday. It also fell to N453 per dollar, the same as Thursday.
The Naira maintained a steady rate against the dollar at the parallel market, trading at N545 per dollar from Friday. The Naira maintained its highest performance against the dollar at the black market for months.
After reaching the new high of N535 per dollar at the black market, the Naira fell a little to N545 per dollar. However, this still bodes well for the future of the currency as it took a huge jump of about N30 to land at where it is now.
The Central Bank of Nigeria also listed its official trading rates, stating that the currency maintained its steady position at N411.59 per dollar, according to the apex bank’s website. The bank’s website shows that the Naira has maintained a very steady position since as far back as September, constantly trading at about N411 per dollar.
