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Naira weakens against dollar on black market amid liquidity drop

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FOREX: CBN injects N273m into retail secondary market

Naira weakened against the United States dollar on Wednesday at the parallel market, closing at N464, 0.23% lower than the N463 it exchanged for at the previous session, data from abokiFX, which collates rates from informal traders, showed.

It had appreciated by as much as 7.8% at this segment of the forex market within a week in September following the introduction of the Central Bank of Nigeria (CBN) policies regarding importation and exportation, aimed at paring down high fore demand and stimulating dollar supply.

Liquidity in the currency market has been under pressure after nationwide demonstrations against police brutality, which forced businesses to shut down after state governments announced curfew to curb escalating tensions.

Read also: Naira falls across forex markets as dollar supply eases

Meanwhile, Naira remained stable against the greenback at the at the over-the-counter spot market, also known as Investors and Exporters (I&E) forex window, closing at N386 a dollar, the same rate at which it closed on Tuesday.

The opening indicative rate was N386.05 to a dollar, 5 kobo lower than the N386 reported on Tuesday, according to figures from FMDQ Securities Exchange.

The exchange rate had touched an intraday low of N384 before inching up to close at a peak rate of N386.

Last week, trade volume climbed to $169.93 million, $34.5 million higher than the size of trade in the week before.

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