In recent weeks, the Naira’s price of N415 per dollar going into the festive period may be regarded by some as positive due to its stable nature, but for others it may simply be seen as a lack of forward movement for the currency. Trading at this price in the long run may not be helpful to the country’s economy, regardless of the measures being taken by the country’s Central Bank.
With its current trajectory, the value of the currency seems to be at a worse stage than it was at Christmas last year when it traded at N381.20 per dollar. Repeating that number this year will take a highly drastic action by the Central Bank of Nigeria. The best bet for the country is to refocus the economy towards focus, giving full attention to what is produced in the country instead of what is brought into the country.
Dollar to Naira at Parallel Market
On Wednesday, 16th December the Naira was sold at N563 per dollar at the parallel market. In November, the Naira experienced a significant jump to N535 per dollar from its all-time low of N575 per dollar which was recorded back in October.
Dollar to Naira Exchange Rate at Official Market Today
At the Investors & Exporters window where the Naira is traded officially, the currency closed at N414.25 per dollar on Wednesday. It represented another marginal increase from the N414.80 closing which was recorded on Tuesday.
On Thursday, the currency went on to open at N414.13 per dollar, slightly lower than the N413.87 per dollar opening price on Wednesday.
The FMDQ group’s updates of the Spot and Forward rates for Wednesday’s trading rounds showed changes from Tuesday’s rates (Forward rate only). For Wednesday, the Spot rate traded at a high of N405 per dollar and traded at a low of N444 per dollar, which is the same as Tuesday’s rates.
Changes were however recorded in the Forward rate, as it traded at a high of N414 per dollar and a low of N469 per dollar, compared to the N453.15 per dollar where it traded throughout all transactions on Tuesday.
The daily turnover recorded on Wednesday was $177.60 million, about $200m lower than what was recorded on Tuesday.
Bitcoin to Naira Exchange Rate
Bitcoin (BTC), the world’s leading cryptocurrency, now trades at N20,143,883 per coin with a market cap of N380 trillion. Ethereum (ETH) trades at N1,667,006 per coin with the second-largest market cap at N97.97 trillion.
