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Naira gains against Dollar, exchanges at 790/$1 in official forex market

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The Naira appreciated at the close of work on Wednesday against the Dollar as it exchanged at N790/$1 at the official window. This is according to FMDQ Wednesday's forex trading report. Wednesday's rate of N790/$1 represented a N58 disparity from the N848/$1 traded on Tuesday.

However,

reported that Naira had continued its free-fall at the parallel market, exchanging between N1060 and 1100 against a Dollar. This indicates that the disparity between the official and parallel market is widening drastically, worsening the forex crisis. The development is amid a move by the Central Bank of Nigeria to stabilize the country's forex market by lifting the restrictions on rice, cement and 41 other items.

recalls that since the floating of Naira on June 14 at the forex market, the country's currency had continued to depreciate.

 

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