Naira Stable Against US Dollar at Black Market, P2P

By Dipo Olowookere

The exchange rate of the Naira to the US Dollar was stable at the black market and the peer-to-date (P2P) segments of the foreign exchange (FX) market on Wednesday.

Yesterday, the Nigerian economy was shut down due to the two-day public holiday declared by the federal government to celebrate Eid-el Kabir.

The Sallah celebration meant that most businesses closed their doors to customers, but the exchange of currencies continued in the parallel market and the P2P.

Only the official market window, the Investors and Exporters ((I&E) arm of the currency market, was closed for business during the trading session.

In the black market, the value of the Naira maintained stability against its American counterpart at N768/$1 on Wednesday. It was the same rate the local currency was traded in the preceding session.

Business Post observed that what made the exchange rate remain unchanged was the fact that some of the forex hawkers at the major markets in Lagos were around to do business.

This reporter sighted some of the FX traders on the streets on Wednesday and Thursday morning to sell forex to their customers.

“We had to be around for business because of the current economic situation. There is no money, and to survive, we had to leave our families at home to work,” one of the traders, Mr Adamu Sani, said.

In the peer-to-peer, the domestic currency also remained unchanged against the United States currency, selling at N780/$1, the same closing price of Tuesday.

The holiday continues today and the markets are expected to resume on Friday.