Naira depreciates against dollar on black market

Naira vs Dollar

Naira fell against the United States’ dollar on the parallel market on Wednesday, closing at N445, according to data from abokiFX, which collates rates from informal street traders.

The exchange rate of N443 recorded at Tuesday’s session was N2 stronger than that of Wednesday.

Bureaux De Change operators in the country are awaiting another sales round of the dollar from the central bank, having received $50 million from the apex bank on Monday.

On the over-the-counter spot market alternatively called the Investors and Exporters (I&E) forex window, naira was quoted at N386 to a dollar on Wednesday, 21 kobo stronger than the N386.21 at which it exchanged the session before.

It had touched an intraday high of N383 and a low of N386.50 against the dollar.
On the supply side, liquidity in the market, improved by 14.9%, expanding from $35.18 million to $40.43 million day on day.

Daily forex sales last week averaged $58.52 million relative to the $23.19 million reported in the preceding week.

Trade volume at the I&E forex window for august totalled around $857 million compared to the $937 million recorded in July.


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