Naira Drops Marginally Against the United States Dollar at Investors and Exporters Forex Window

The naira has taken a slight fall against the dollar, going down to N415.10 per dollar from the N414.73 at which it traded on Thursday.

According to the FMDQ group, the naira opened at N414.39 per dollar on Friday which was an increase of 34 kobo from the N414.73 at which it closed on Thursday. However, the naira had fallen to N415.10 by the end of the day. For a few days now, the FMDQ group has been reporting the naira hovering around N413 – N415 per dollar. While the value of the naira is not fixed on one particular number, it can still be said that the currency is beginning to gain stability at that range of prices (N413 – N415).

The Spot rate and the Forward rate for all business transactions on Friday were also updated on the FMDQ group website. On Friday, the Spot rate rose to as high as N404 per dollar, a N1 increase from the N405 per dollar which was its highest on Thursday. However, the Spot rate maintained its lowest value, falling to as low as N444 per dollar (same as Wednesday and Thursday).

There were however changes in the Forward rate. The Forward rate rose to as high as N430 per dollar, a N6 rise from the N436 per dollar at which it sat on Thursday. However, its lowest value took a slight fall as it went back to N453 per dollar from the N452 per dollar which it reached on Thursday.

The naira however took a plunge at the parallel market, dropping to N540 per dollar from the two-month high of N530 per dollar which it had recorded on Thursday. While it fell from Thursday, the news still bodes well for the currency as it is still a N30 increase from the N570 per dollar which it had previously been trading at consistently.

Overall, the naira is experiencing a gradual rise against the dollar. While the rates are still low for the economy, they are better than the rates which we saw the previous week.