Forex turnover rose by 3.4%, as the Naira’s exchange rate at the NAFEX window maintained stability against the dollar to close at N394/$1 during intra-day trading on Tuesday, December 15.
Also, the Naira continued to remain stable against the dollar, closing at N475/$1 at the parallel market on Tuesday, December 15, 2020, as demand pressure reduces.
Nigeria’s foreign exchange market, according to Nairametrics, received a boost with the approval of the $1.5 billion loan request by the World Bank.
Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N475/$1 on Tuesday.
This was the same rate that it exchanged for on Monday, December 14.
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