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Naira Declines in Parallel Market

Data from daily exchange rate platforms disclosed that the Naira has weakened against the US dollar on Wednesday at the parallel market.

The rate presently closes at N464, 0.23% lower than the previous exchange rate of N463.

It had, however, increased to 7.8% at the forex market within a week in September due to the introduction of the Central Bank of Nigeria (CBN) policies with respect to importation and exportation, intended to curtail high fore-demand and stimulating dollar supply.

Liquidity in the currency market has been stalled following nationwide EndSARS protests which led to the closure of business as state governments enforced curfews  to control the rising tension.

Afterwards, the Naira remained stable against the greenback at the over-the-counter spot market, also known as Investors and Exporters (I&E) forex window, closing at N386 a dollar, maintaining the same rate at which it closed on Tuesday.

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FMDQ Securities Exchange revealed that the opening indicative rate was N386.05 to a dollar, 5 kobo lower than the N386 reported on Tuesday.

Last week, trade volume soared to $169.93 million, $34.5 million higher than the previous week trade.

Peace Omenka

Categories: News

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