The Nigerian currency has remained stable in the foreign exchange market and held its own against the US dollars even as oil prices crescendo around the world.
Data tracked in the parallel market showed that N473 exchanged for one dollar. The I & E forex window hit a high of N422.99 for one dollar and a low of N390 for one dollar. On Tuesday, N406.54 per dollar was indicated at the opening.
Oil prices also soared to the highest they have been in 13 months this week as a promise of COVID-19 vaccine rollouts was revived. Brent Crude sold a barrel for $63.13 and West Texas Intermediate sold a barrel for $63.76. Bonny Light sold for $61.340 per barrel.
Against the British Pounds, the naira fell on Monday though, exchanging for N652 per pound but same stability with the USD was observed with the Euro as the N570 per euro exchange rate of last week has continued into this week.
The naira has sustained continuous battle in the forex market and was greatly affected by falling oil prices last year and a dwindling external reserves situation.