Naira Maintains Stability Against Dollar, Closes N902.45/$ In Official, N1,350/$ in Parallel Markets

The Nigerian naira exhibited stability against the US dollar on Friday, maintaining its position at N902.45/$ in the official Investor and Exporter window of the foreign exchange market. Simultaneously, in the parallel market, it closed at N1,350/$.

Data from the FMDQ Securities Exchange revealed that the naira closed a little above N902 against the dollar, a slight increase from the N902.08/$ recorded on Thursday. The day’s trading saw the naira opening at N909.90/$, reaching a high of N1,280/$, a low of N467/$, before closing at N902.45/$. The total forex turnover in the official window experienced a 17.36% decrease, settling at $145.89 million.

In the parallel market, the naira hovered around N1,300/$, maintaining this rate since Tuesday. Bureau de Change Operators expressed concerns about the naira surpassing N1,300/$, fearing potential impacts on their business.

Bureau De Change operators shared varying rates, with Magaji Mohammed stating, “I can sell a dollar to you for N1,350 to a dollar, but I’m to buy from you, the rate is N1,340 to a dollar.” Another operator, Abubakar Taura, added, “I buy a dollar at 1,350 and sell for N1,360 to a dollar.”

On Binance’s peer-to-peer market, on Friday, the naira remained above N1,330/$. Despite efforts by the Central Bank of Nigeria to address backlogs of forward contract obligations and a $2.25 billion forex support facility from the African Import-Export Bank, the naira’s rate remains high.

The recent release of $2.2 billion by the African Import-Export Bank was deemed insufficient by Aminu Gwadabe, the National President of the Association of Bureau De Change Operators of Nigeria, to stimulate the market.

The Central Bank of Nigeria expressed commitment to settling valid forward transactions, aiming to alleviate pressure on the country’s exchange rate and boost investor confidence in the Nigerian economy.

Source: Punch.
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