Market News
FX inflows jump 75% as naira rates converge - BUSINESSDAY
The naira moved closer to convergence on Monday, appreciating further in the black market and remaining flat in the parallel market. This is as foreign exchange (FX) inflows rose 75 percent to $1.31 billion week-on-week, largely driven by foreign portfolio investors’ participation last week.
The naira rates have further narrowed the exchange rate disparity between the official and the unofficial markets to N2 per dollar. Traders exchanged one dollar at N1,530 in the parallel market, commonly referred to as the black market on Monday.
The naira moved closer to convergence on Monday, appreciating further in the black market and remaining flat in the parallel market.
This is as foreign exchange (FX) inflows rose 75 percent to $1.31 billion week-on-week, largely driven by foreign portfolio investors’ participation last week.
The naira rates have further narrowed the exchange rate disparity between the official and the unofficial markets to N2 per dollar. Traders exchanged one dollar at N1,530 in the parallel market, commonly referred to as the black market on Monday.
