The naira continued to show signs of stability at the start of the week, trading at N1,610 per dollar in the parallel market, also known as the black market, on Monday.
This reflects a modest gain of N5 when compared to the rate of N1,615 per dollar quoted on Friday in the same market. Information obtained from street currency traders and various online rate-tracking platforms confirmed the development.
One street currency trader in Lagos, who gave his name simply as Abubakar, attributed the reduced volatility and mild appreciation to a noticeable decline in the demand for dollars. He said, “The market has been calm lately. The rush to buy dollars is not as crazy as it was a few months ago. People are becoming more cautious, and I believe the CBN’s policies are beginning to have some effect.”