Naira stable at N388 to dollar

The naira was stable at N388 per dollar at the parallel market Wednesday.

Survey revealed that while the parallel market exchange rates ranged from N383 per dollar to N389 per dollar, the average closing rate is N388 per dollar at the close of business Wednesday.

Meanwhile the Central Bank of Nigeria (CBN) is expected to sell $20,000 to each of the over 3000 bureaux de change, hence boosting dollar supply and hopes of further naira appreciation before the end of the week.

Also the apex bank yesterday however indicated intention to sell undisclosed amount dollars to banks to settle a backlog of demand for airlines, fuel and raw material imports.