Under Renewed Pressure, Naira Weakens In Black Market

Upon renewed demand pressure, the naira weakened in the Black Market across the country, trading on Friday, July 28, 2023 at N870 to the dollar in Lagos.

That was 0.34% below the N867 it traded the previous three days when the pressure on the naira moderated.

In the past few days, the naira steadied at N867 per dollar. In some areas, the cost of one dollar was as substantial as between N850 and N862 on the black market. Also, in the Investors’ and Exporters’ (I&E) forex window, Nigeria’s official foreign exchange FX market, the naira depreciated by 3.85 per cent as the dollar was quoted at N768.60 on Thursday from N740.08 on the previous day, data from the FMDQ indicated.

Besides the revelation that the naira traded at N870 to the dollar at the Black Market on Friday, July 28, 2023, GWG.ng reports that the FX market recorded a decline in turnover, which dropped by 42.15 per cent to $88.66 million on Thursday from $153.28 million on Wednesday. Willing buyers and sellers maintained bids as high as N869 per dollar on Thursday, weaker than the N845/$1 bid on Wednesday but stronger than N800 per dollar on Tuesday.

The market auction also recorded lower bids of N730.00, the same level on Wednesday and Tuesday but weaker than the N650.00 bids maintained on Monday at the I&E window. At the money market, the Overnight (O/N) rate decreased by 10.20 per cent to close at 1.30 per cent on Thursday as against the previous close of 11.50 per cent, and the Open Repo (OPR) rate decreased by 9.93 per cent to close at 0.90 per cent compared to 10.83 per cent on the previous day.

Source: Business Day

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