Naira Maintains Marginal Streak at Official Fx Window

The Nigerian currency continued its streak of marginal changes in value against the dollar, settling to close at N414.80 per dollar by the close of business on Wednesday. This means that the Naira had only a 0.10% appreciation. This is as seen on the Investors and Exporters window where the Naira is traded officially.

For the last few days, all the changes which have been occurring in Naira’s exchange rate have been marginal, making it unlikely for these changes to be regarded as significant to the development and stability of the country’s economy.

As mentioned in a previous article, any actions that the government and the apex bank of the country are to take to correct this economic position will have to be spectacular.

When looking at the Spot and Forward rates posted on the FMDQ group’s website, it can be said that there is an air of stability around the currency with a little bit of marginal change.

On Wednesday, the Spot rate traded at a high of N404 per dollar, which is more of its usual price. For its lowest rate, it fell as low as N450.50 per dollar, which is not the most common (lowest) price at which it has traded in past weeks but is still N3 better than the lowest price recorded on Tuesday, which is N453.10 per dollar.

The forward rate however showed even more stability, with the prices remaining the same as the prices recorded on Tuesday. It rose as high as N411 per dollar and fell to as low as N453 per dollar.

According to the FMDQ group, the total amount of the dollar which was used across all transactions amounts to $279 million. This was higher than Monday’s turnover which sat at $149.53 million.

At the black market, the Naira took another dip on Wednesday. In Uyo’s black market, the Naira traded as low as N559 per dollar while trading at N560 per dollar at the Abuja black market.

This was another fall in the parallel market exchange rate, which had fallen to N555 per dollar on Tuesday.