Naira Ends Week Against dollar With Loss, Black Market Traders Quote New Rates
- The Nigerian currency at the official market hit a new low as the CBN continues to find ways to get it right
- It is even worse at the black market as the traders continue to quote a higher exchange rate
- The new CBN management team is expected to have its first monetary policy meeting in the coming days
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Nigerian currency has hit another low at the official and black foreign exchange markets.
Data from FMDQ securities showed that at the Nigerian Autonomous Foreign Exchange Market (NAFEM) Naira closed the trading week at N808.27/$ on Friday, October 21, 2023.
This is 3.26 percent depreciation for the naira when compared to the exchange rate of N782.68 on Thursday, October 21.
Source: Facebook
At the NAFEM on Friday, the value of forex trades dropped by 18.68% to to $79.26 million from the $97.47 million recorded in the preceding trading day.
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Naira to dollar exchange rate at the black market
It was the same story at the Peer-to-Peer (P2P) section, and the parallel exchange market.
In the Peer-to-Peer (P2P) section, the Nigerian currency continued its depreciation during the session as it declined against the dollar to sell at N1,170.71 compared with the N1,165/$1 exchange rate the previous day.
In the same vein, Naira weakened against the US Dollar on Friday to close at the same rate of N1170.
This is higher than the the previous day’s rate of N1,100/$1.
For naira exchange rate against the Pounds Sterling, CBN reports that it closed in the official market at N1,010/£1.
Naira against the Euro closed Friday at N880.78/€1
However Abokifx data shows the naira at the black market against the British currency closed the week at N1,380/£1. While the Euro closed at N1187/0/€1.
Farmers offer hope to Nigerians
Meanwhile, Nigerian farmers have reacted to the decision by the Central Bank of Nigeria to lift the forex ban on rice importation
They believe that the decision will help break the monopoly of local millers and reduce the cost of rice despite the poor performance of naira against foreign currencies.
Source: Legit.ng
