Naira remained stable against the dollar at the parallel market to exchange N606/$1 on Wednesday.
According to Nairametrics, the exchange rate between the naira and the US dollar closed at N420.25/$1 at the Investors and Exporters (I&E) window.
Naira appreciated marginally at the official Investors and Exporters window by 0.12% from N420.75/$1 recorded on Tuesday, 7th June 2022 to close at N420.25/$ on Wednesday.
Forex supply in the market declined by 26.9% to $82.6 million from $113.12 million recorded in the previous trading session.
At the parallel market, naira exchange N606 to a dollar on Wednesday, the same as recorded in the past three trading sessions. This is according to information from BDC operators in Nigeria.
The exchange rate at the P2P market remained stable on Thursday, as it traded at a minimum of N604.5/$1, which is the same recorded in the previous trading session.
Meanwhile, Nigeria’s external reserves appreciated by 0.11% on Tuesday, 7th June 2022 to stand at $38.46 billion from $38.42 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.