Forex Update Naira remains stable against dollar

The development shows a marked difference from the unpredictability witnessed in the system in the past few weeks.

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Naira and dollars play

Naira and dollars

(Nairaland)
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The Naira has remained relatively stable against the Dollar after opening at the rate of N199.1/$ in the interbank market and closing at N199.13/$ on Friday, April 24, 2015.

The development shows a marked difference from the unpredictability witnessed in the system in the past few weeks.

Analysts at Afrinvest Securities Limited, had forecasted that the currency would trade between N199.1/$ and N199.13/$ during the week, a prediction which came to pass.

The clearing rate of the Central Bank of Nigeria however at remained N197/$ throughout the week. 


The market recorded inflows from Dollar auctions by international oil companies but this did not affect the interbank market exchange rate.

Analysts have also said that with the recent stability in the currency market, the Naira is expected to “remain at current range in the week ahead.”

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