The naira has maintained stability relative to the dollar in the official foreign exchange (FX) market as stronger foreign exchange inflows, rising external reserves and improved market liquidity continued to support the local currency.
Data published by the Central Bank of Nigeria (CBN) showed that the naira was quoted at N1,380.11 per dollar on Thursday, virtually unchanged from N1,380.08 recorded on Wednesday at the Nigerian Foreign Exchange Market (NFEM).
Interbank turnover increased to $195.37 million on Thursday, marking a 55.56 percent jump from $125.58 million recorded on Wednesday, indicating stronger market activity. However, the number of interbank deals declined slightly by 3.97 percent from 126 on Wednesday to 121 on Thursday.
Although the NFEM deals and turnover figures were not available as at the time of reporting, deals had increased slightly by 2.2 percent from 320 to 327 between Tuesday and Wednesday. Total turnover at the NFEM
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