Naira-dollar exchange rate remains unchanged on the black market
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Despite a significant increase in foreign exchange transactions on Monday, the naira-to-dollar exchange rate on the black market remained steady, maintaining its previous rate of N1,560 per dollar. According to Dayyabu Ashiru, a Bureau De Change operator in Abuja, the exchange rate has been consistent since last Friday, with a buying rate of N1,555 and a selling rate of N1,650.
This development suggests a temporary equilibrium in the foreign exchange market, despite the Central Bank of Nigeria's (CBN) efforts to boost liquidity with a $122.67 million intervention last week. The surge in transaction turnover on Monday, reaching $155.53 million, may indicate a growing demand for foreign exchange, but the stable exchange rate suggests a balanced market.