Naira Dips to N413.62 Against U.S Dollar on Monday

The Nigerian Naira opened the week lower against the United States Dollar at the Investors and Importers Forex Window on Monday, according to the data provided by the FMDQ Group.

Naira opened the week at N412.81 to a U.S Dollars and plunged to as low as N415 at the spot forex market before paring losses to N413.68 after hitting a recent high of N409 against the greenback during the trading hours of Monday.

Spot exchange is the present exchange rate at which one currency is exchange for another now.

The forward exchange rate, an exchange rate, agreed upon now, for a future foreign exchange transaction that will occur at a specified date, hits N420.79 per US dollar. Investors at the window traded $91.23 million during the trading hours of Monday.

At the unregulated parallel market, known as the black market, the Naira to Dollar exchange rate stood at N550 to N570 despite efforts by the Central Bank of Nigeria (CBN) to discourage Nigerians from patronising that section of forex.

The apex bank had warned against patronising the black market and gone a step further to halt sale of forex to bureau de change in an effort to stop illigal forex flow to the black market and finally put an end to the activities of speculators and forex hoarders.

However, despite all the new measures forex scarcity persisted with most Nigerians that approached their banks for forex as stipulated by the apex bank yet to receive forex due to scarcity.