Naira remained stable against the US dollar on Monday at both the official market and the parallel market amid increase in forex turnover.
According to the data on AbokiFX, which tracks the parallel market rate generally known as the black market, naira closed at N510 per dollar on Monday, the same rate it closed on Friday, the last trading session.
Also, the rate remained stable at the I & E FX Window where naira is traded officially according to the data on FMDQ.
On Monday naira closed at N411.50 per dollar at the window, the same rate it closed on Friday. Naira registered an intraday high of N400 per dollar and a low of N412.90 per dollar at the window.
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The forex turnover rose by 59.83% to $166.03 million on Monday from $103.90 million posted on Friday, the last trading session at the I & E FX Window.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.