The Naira took a slight improvement on Thursday, closing at N414.80 per dollar at the Investors and Exporters Window where the Naira is traded officially.
This closing price signifies a slight improvement from Wednesday, when the Nigerian currency closed at N415.10 per dollar. Thursday’s closing rate signified the first time since Friday, November 12th that the Naira closed at a rate higher (or even lower) than N415.10.
The rise is however marginal and cannot directly allude to significant growth in the value of the currency on the foreign exchange market. The rise came after the currency opened at N413.19 per dollar, only slightly above 50 kobo more than the N413.74 at which it opened on Wednesday.
The Spot rate and Forward rate returned to their normal, stable rates on Thursday. As usual, the FMDQ group reported that the Spot rate for trading the Nigerian currency was as high as N404 per dollar, falling back from the N386 per dollar which it sat at on Wednesday. The Spot rate also fell as low as N444 per dollar, around its usual price.
The Forward rate also maintained the usual high and low, falling up to N453.75 per dollar and rising up to N411 per dollar.
According to the FMDQ group, the total value of all transactions involving the dollar on Thursday sat at $90.18 million. This is considerably lower than Wednesday’s turnover, which sat at close to $300 million dollars.
The Central Bank of Nigeria’s rate posits the Naira at N411.59 per dollar, extremely close to the rate at which it traded there yesterday. For yet another business day, the Nigerian currency has traded around the N411 mark.
On the parallel market, the Nigerian currency is currently trading at N538 per dollar. The parallel market saw a recent increase in the price at which the Naira sells against the dollar, providing hope in the possible strengthening of the currency.
