Naira Takes Another Marginal Fall Against the Dollar

The Naira made yet another marginal change, falling to close at N415.07 per dollar by the close of business on Monday, according to the Investors and Exporters window where the currency is traded officially.

This closing price returns closer to the prices which the Naira maintained for a few days in the previous week. Last week, the Naira closed back to back at N415.10 per dollar, before taking a small step forward to close at N414.40 per dollar on Friday.

However, the start of the new week saw the price return to what it sat at the previous week.

Another marginal change being recorded further supports the opinion that the currency will not be seeing any incredible changes, barring a truly large effort by the Central Bank of Nigeria to boost the country’s currency through whatever action is deemed necessary.

The Spot rate and Forward rate which were posted on the FMDQ group’s website also showed a fall in the country’s currency.

The Spot rate maintained its usual high of N404 per dollar (same as the previous day of trading), but fell to a low of N453.10 per dollar which is almost N8 lower than what it traded the previous day.

For the Forward rate, the Naira could only rise as high as N443.26 per dollar, considerably lower than the N411 per dollar at which it traded on Friday. It however maintained its lowest, falling as low as N453.75 per dollar.

The FMDQ website also reports that the total volume of the dollar which was traded on Monday sat at a value of $149.53 million.

The Naira’s fall extended to the parallel market as well, as the currency which had taken a notable rise from N575 per dollar to N535 per dollar fell to N555 per dollar. This was the lowest parallel market rate recorded for the currency since it reached the temporary high.