Naira falls across forex markets as dollar supply eases

Naira depreciated against the United States dollar at various segments of the foreign exchange market on Monday.

The local currency closed at N460 to a dollar at the black, 0.66% weaker than the previous session’s close of N457, Bureaux De Change (BDCs) await fresh supply of the greenback from the Central Bank of Nigeria.

Naira in the past one week had strengthened by 7.8% against the dollar, helped by central bank’s policies aimed at importers and exporters in an effort to stimulate dollar supply in the currency market and scale bank increasing forex demand by traders.

Between 7th September and now, the regulator has sold more than $450 million to BDCs.

Read also: Naira gains against dollar at black market, weakens at I&E forex window

Meanwhile, at the over-the-counter spot market alternatively called the Investors and Exporters (I&E) forex window, Naira fell against dollar, closing at N386 to the U.S currency, 0.04% weaker than a close of N385.83 reported on Friday.

Naira touched an intraday high of N384 to a dollar and oscillated to a low of N392.89 before settling for a close at N386.

Forex volume at the I&E window contracted by 24.1%, slumping from $134.83 million to $102.35 million.

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