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Naira Stabilises In Forex Market

The naira has remained stable against the dollars for five days in a row at the parallel market from October 8 to October 12.

According to Aboki FX, a naira foreign exchange (NAFEX) website a dollar is bought at the market for N452 and is sold at N457. Also, Bureau De Change (BDC) remains stable, buying the naira at N452 and selling a dollar for N457, same as the parallel market.

The British Pound in the parallel market has also been stable against the naira, buying at N585 and selling at N595 since October 8. While GBP at BDC is selling for N600 and buying for N585.

The major cause of the stability of the naira and a decline in the volatility of the foreign exchange market could be attributed to the allocation of over $450 million to the BDC window.

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