Naira remains flat against dollar at forex market


The naira traded flat against the dollar at the official foreign exchange market.

FMDQ data on Wednesday showed that the naira exchanged at N1,507.83 against the dollar, a slight change compared to N1,507.79 traded on Tuesday.

This represents a marginal N0.04 differential from the N1507.79 per dollar on Thursday.

At the parallel market section, the naira maintained an N1505 per dollar exchange rate on Wednesday, the same as the previous day.

“We sell at N1,505 per dollar and buy at N1,495,” Dayyabu Ashiru, a Bureau de Change operator in Wuse Zone 4 said on Wednesday.

The development comes amid the Governor of the Central Bank of Nigeria’s recent interview with Bloomberg Television where he noted that the apex bank reforms had attracted a $24 billion inflow into the country in the first quarter of 2024.

On Tuesday, CBN issued a fresh directive permitting International Money Transfer Operators and all banks to pay diaspora remittances in naira

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