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Naira Watch

Naira exchanges at N735 to a dollar

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Naira on Tuesday reversed 0.68 percent of its lost value, gaining N5 per dollar as demand moderated at the parallel market after the one-day public holiday to mark Nigeria’s independence celebration.

Although the market on Tuesday kicked off with Naira dropping to a low of $740 by evening, it moderated to N735/$.

A trader told Ripples Nigeria that there was an increasing demand in the morning, but by evening, it slowed, leading to the drop.

The latest exchange rate means that the Nigerian currency at the black market dropped by N175 (23.65 percent) when compared with N565/$ at the beginning of the year.

Read also: Naira increases in value against Pounds, Euro, but falls against dollar

Godwin Emefiele, the Governor of the CBN, has continued to wave off the black market rate describing the parallel market as “a tainted place in Nigeria, where people desire to deal in illegal foreign exchange transactions including sourcing of FX cash for purposes of offering bribes, corruption. That is where they deal”.

Meanwhile, at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange market, the Naira remained unchanged at N437.03 per dollar on Friday.

Most forex dealers who participated at the FX auction on Friday maintained bids between N425.00 (low) and N455.00 (high) per dollar.

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