The Naira has maintained its position at the N1,300 exchange rate mark against the US Dollar as the official foreign exchange market concluded trading for the Easter Holidays on Thursday.
According to data from FMDQ, the Naira closed at N1,309.39 per USD, slightly up from the previous day’s rate of N1,300.43. Despite minor fluctuations, the Naira remained resilient against the greenback.
Thursday’s transactions saw a total turnover of $857.78 million in USD dealings, as reported by FMDQ data, underscoring the consistent activity in the foreign exchange market.
Similarly, at the parallel market, the Naira sustained its exchange rate within the range of N1,300 to N1,320 per USD, indicating stability in the informal currency exchange sector.
This development occurred against the backdrop of the Central Bank of Nigeria’s recent decision to raise minimum capital requirements for banks, reflecting ongoing efforts to bolster the financial sector’s resilience and stability.
As economic dynamics continue to evolve, the Naira’s steadfast performance provides a glimmer of stability amidst external pressures, offering a measure of reassurance to market participants and stakeholders alike.
