The Nigerian naira saw its value depreciate in the parallel market on Thursday as the demand for dollar increases amid inadequate supply.
Naira was traded at N463 per dollar on Thursday declining by N2 compared to N461 per dollar on Wednesday according to AbokiFx.
This is the lowest the naira has traded in over 3 years. According to Nairametrics, the last time the naira exchanged at this rate at the black market was the 10th of March 2017.
At the Investors & Exporters Window ( I & E Window) according to the data from FMDQ, the naira closed at N386.5 per dollar on Thursday, showing a 46kobo appreciation from the indicative opening rate of N386.96 per dollar.
Thursday’s closing rate appreciated by 0.09% and the indicative opening rate by 0.06% compared to Wednesday closing rate of N386.75 per dollar and opening rate of N387.32 per dollar.
On Thursday, the naira exchanged as high N390.00 per dollar and as low as N375.00 per dollar on the I & E Window.
The daily turnover at the I & E Window on Thursday was valued at $25.19 million. This represents a 110.6% rise compared to $11.96 million recorded on Wednesday.
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The CBN official rate for the naira as at 8 July according FMDQ stood at N381 per dollar. However, the official rate quoted on the CBN website remains at N360 per dollar.
The central bank last month said it will work towards the gradual unification of exchange rates across all forex windows.
“The World Bank is expected to approve a $3 billion budget- support loan for Nigeria. The central bank has yet to resume dollar sales to retail currency agents mostly patronised by individuals and to foreign investors seeking to repatriate funds,” according to Reuters report.
Written by;
Ifunanya Ikueze
