As rally pauses on the parallel market, also known as the black market, the foreign exchange market opened on Monday with the naira/dollar exchange rate quoting at one thousand twenty naira per dollar.
Report gathered that the naira strengthened to nine hundred and seventy per dollar on the black market, after some positive sentiments around government plans to strengthen dollar liquidity in the foreign exchange market.
Traders however could not determine the actual rate as the rates keep fluctuating. At CMS, the dollar was trading for between one thousand naira and one thousand twenty naira, as some traders were prepared to buy at the rate of one thousand naira from individuals.
The post Unstable Naira Opens At One Thousand Twenty Naira Per Dollar On Monday first appeared on Royal Times of Nigeria..