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Naira stagnates at N472 per dollar for third day at parallel market


The rate of exchange of naira to the United States dollar remained immobile for three days in a row Wednesday at the black market, data from showed, as speculators confront sluggish trade sessions retarded by shortage of forex flow from the over-the-counter spot market following a 59 per cent plunge in turnover.

At the spot market also called the Investors and Exporters (I&E) window, the exchange rate of both currencies did not budge, staying rooted at $388.17, the rate at which it exchanged on Tuesday.

Naira has been static against the greenback since the week began, with banks latest move to ramp up the limit of how much customers can spend abroad aggravating the current liquidity crisis.

Read also: Naira stays at 37-month low of N472 per dollar on black market

Dollar opened at the indicative rate of N388.17 at the I&E, 15% weaker than the rate at which it did at Tuesday’s session which was N388.50.

Like on Tuesday, the gap between the rates offered by both segments of the market stayed at N84 on Wednesday by reason of lack of movement in the closing rates for two days.

The value of trade contracted from $29.77 million to $12.17 million, indicating a negative growth of 59.1%.

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