Naira Closes Flat at the Official Forex Window

The value of the Nigerian Naira to a United States Dollar was unchanged at the official forex window called ‘Investors and Exporters’ Forex Window’ on Thursday, according to the available data on the FMDQGroup website.

The Naira closed at N414.73 against the US Dollar, representing a flat movement. As the local currency closed at the exact same rate on Wednesday. Suggesting that the Nigerian Naira may be stablising, especially with the improvement recorded at the unregulated section of forex, the black market.

Investors King had reported that Naira was exchanged at N535 to a United States Dollar at that section on Wednesday immediately after the Central Bank of Nigeria injected dollar into the economy through deposit money banks and directed deposit money banks to go after cryptocurrency traders and investors blamed for huge capital outflow from the nation’s financial system.

However, the Spot forex rate depreciated slightly by N1 to N405 to a United States Dollar, down from N404 it traded on Wednesday. For the Forward rate, Thursday saw a significant rise from N445 per dollar to N436 per dollar, as the highest which the rate attained. For the lowest, there was also a small rise on Thursday to N452 per dollar from the previous low of N453 per dollar which it had attained on Wednesday.

At the parallel market, the Naira gained N5 from N535 it exchanged on Wednesday to N530 per dollar rate on Thursday. Within a few days, the parallel market has seen a jump of N40 for the naira.

If this appreciation maintains its trajectory, there is real promise for the naira to regain even more strength against the dollar at the parallel market. At the official rate, the naira appears to have steadied at N414 per dollar, but the parallel market keeps showing a rise in its value.