Naira Rises Slightly to Open at N413/$1

On Wednesday, the Naira made a minor improvement to open at N413.74 per dollar before falling back to N415.10 per dollar by the close of the day.

As seen on the Investors and Exporters Window where the Naira is officially traded, the currency’s opening rate was slightly better than Tuesday’s opening rate of N414.55 per dollar, with a difference of almost N1.

Once again, the closing price is the same as the previous day. In fact, the Naira has now closed at N415.10 per dollar for the last four days. While the opening prices still vary, it can still be said that the Naira has found a sort of stability at that closing price.

The FMDQ website also posted the Spot and Forward rates from trading on Wednesday. The Spot rate fell as low as N444 per dollar, which is more around the usual (the same price it fell to on Tuesday). It however took a huge jump to surpass its last high, moving past the usual N404 per dollar to reach N386 per dollar.

According to the group’s reports, the Forward rate did not experience the same growth that the Spot rate saw. The Forward rate maintained its previous low of N453 per dollar, and its high fell slightly to sit at N413 per dollar, N2 lower than the N411 per dollar recorded the previous day.

The FMDQ also reports that the total turnover of the currency recorded on Wednesday was worth $298.88 million.

The official rate posted by the Central Bank of Nigeria (on the bank’s website) posits the Nigerian currency at a rate of N411.57 per dollar. The Naira has experienced a stability at the apex bank’s official rates, sitting around N411 per dollar for almost two straight months.

According to the Bureau de Change, the exchange rate at the parallel market stands at N540 per dollar. While lower than the N535 per dollar recorded a few days back, it is still higher than the N575 which it traded at for a long period.