The naira has stabilized in the unofficial market and lost 0.71% of its value in the official market, settling at N1,500.79 due to increased demand for the US dollar.
The increased demand is attributed to summer vacations and importers requiring dollars to purchase raw materials.
The World Bank and Afreximbank’s $6 billion contribution to the Nigerian economy has supported the naira’s stability.
The US dollar index continues to rise due to hawkish remarks from Federal Reserve officials and a steady housing market, causing the euro to fall 20 basis points against the dollar.
