From 268/$1 at Christmas, naira stable at 423/$1 throughout Sallah break – The Cable

The Nigerian naira remained stable at 423 to the dollar at the parallel market throughout the two-day Sallah break across the nation.

Just last Christmas — eight months ago — the naira was trading at 268 to a single dollar at the parallel market.

Due to the closure of many trading outlets by bureau de change (BDC) operators across the country, the local currency was expected to depreciate against the greenback, but that was not the case.

Speaking to TheCable from Abuja, Ibrahim Baba, a BDC operator, said he did not visit the market on Monday but the market was relatively quiet.

“I was not at the market yesterday, but I am sure that many others did not go. We were not expecting people to come and buy dollar,” he said.

“But I can tell you today that those who sold today sold the dollar at 423 and bought around 415 and 418. We don’t know what the market will say tomorrow; it could go up or down.”

The local currency closed at the parallel market at 423 per dollar in Abuja and Lagos on Friday.

British pounds and the Euro were going between 550 to 560 and 460 to 470 respectively.

Following the introduction of the new exchange rate regime, the naira has seen a massive depreciation at both interbank and parallel market.

The Central Bank of Nigeria (CBN) expects the naira to settle at 250, while the budget office eyes 290 to the dollar.