Nigerian naira stable at N305.90/$ at official forex window

The Nigerian naira at the inter-bank (official) rate remained unchanged on Wednesday at N305.90 it traded previously. It, however, lost 0.04 percent value at the Investors and Exporters (I&E) FX window.

The naira opened the day on the I&E window at N360.06, traded high at N361.50 and eventually closed at N360.37, representing 0.04 percent depreciation against Tuesday’s closing price

A total of $151.55 million was transacted through the I&E window on the day as analysts expect the FX market to trade within existing range in the next trading session.

On the other hand, the naira sold on average for N363 in five of the bureau de change monitored by business. a.m.

However, South Africa’s rand firmed on Wednesday on expectations President Jacob Zuma would offer his formal resignation after the ruling African National Congress (ANC) party ordered the 75-year old to step down.

According to Reuters report, the rand was 0.8 percent firmer at 11.8590 to the dollar early Wednesday