Naira Holds Steady as Dollar Sales Surge by 94.46% in FX Markets

On Tuesday, the naira maintained its stability across foreign exchange (FX) markets, even as dollar sales surged by 94.46 percent in the official market.

The naira closed unchanged, experiencing a marginal 0.06 percent dip, with the dollar quoted at N1,476.95 compared to Monday’s N1,476.12, as detailed in the market summary from FMDQ Securities Exchange Limited.

There was a substantial increase in dollar sales, rising from $121.87 million on Monday to $236.99 million on Tuesday, reflecting heightened activity among buyers and sellers.

The market summary indicated that the intraday high remained steady at N1,500 per dollar, while the intraday low depreciated to N1,362.15 on Tuesday, compared to Monday’s N1,250/$1.

Meanwhile, on the parallel market, also known as the black market, the local currency maintained its stability within the range of N1,480 to N1,500.