Naira recorded no significant movement against the U.S. dollar at the official market on Wednesday, extending the spot market stability run to two business days this week.
The naira closed at N416.25 to a dollar at the close of business Wednesday, the same rate it traded with the greenback in the previous session on Tuesday, data published by the Central Bank of Nigeria showed. The weakest rate naira has traded since the opening of trade this week was when it closed at N416.32 per $1 on Monday. the CBN data showed.Currency exchangers in Uyo said the naira was exchanged within the range of N583.00-N585.00 to a dollar in the morning, but dropped to N577.00 to a dollar by Wednesday evening.
“The demand for the U.S. dollar reduced in the evening today that’s why the price dropped to N577 to a dollar in the evening today,” a trader who identified himself as Shuaibu told PREMIUM TIMES. Currency dealers in Abuja said naira exchanged at N585.00 and sold at N586.00 to a dollar on Wednesday.
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