Forex turnover rose by 3.4percent as the Naira’s exchange rate at the NAFEX window maintained stability against the dollar to close at N394/$1 during intra-day trading on Tuesday.
Also, the Naira continued to remain stable against the dollar, closing at N475/$1 at the parallel market, as demand pressure reduced.
Nigeria’s foreign exchange market received a boost with the approval of the $1.5 billion loan request by the World Bank.
The local currency had strengthened by about 7.8 percent within one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers.
This is to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.
However, the gains appear to have been completely erased with the recent crash of the exchange rate.
