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By Daniel Adaji
The naira closed at N1,534 per United States Dollar on wey, showing relative stability compared to its performance in March.
According to data from the Nigerian Foreign Exchange Market (NFEM), Wednesday’s closing rate reflects a narrow trading range, with the highest rate reaching N1,535 and the lowest rate standing at N1,525.
A comparison with March’s performance reveals that the highest closing rate recorded last month was N1,549, while the lowest stood at N1,499.
This suggests that the naira has maintained a steady trajectory, avoiding sharp fluctuations that characterized previous months.
Market analysts attribute this stability to a combination of factors, including increased foreign exchange liquidity and ongoing interventions by the Central Bank of Nigeria.
The weighted average rate for April 2 stood at N1,531.25, while the simple average rate was N1,531.63, further reinforcing the relative calm in the forex market.