The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Wednesday.
The data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,326.6862/1$ on Wednesday.
The latest rate represents a slight change from Tuesday’s rate of ₦1,329.4300/1$.
At the parallel market (black market), however, the naira closed on Wednesday at ₦1,405 to the dollar.
The offer by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates because of transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
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