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Naira records 2.6% appreciation at forex markets

September 30, 2023

Naira records 2.6% appreciation at forex markets

Naira gained slightly against the United States dollars at the official market on Friday, data posted on the FMDQ website where official rates are collated showed.

Despite oil price spike, Forex scarcity sends Naira tumbling to N930/US$

Naira plummets to N983/$1 as traders lament dollar scarcity

According to the data, the local currency closed at the spot market window at N755.27 per $1 on Friday. The rate implies a N20.04 or 2.6 per cent appreciation from N775.31 per $1 recorded in the previous session on Thursday.

The dollar experienced an intra-day high of N700.00 and slipped to a low of N799.90 on Friday before it eventually closed at N755.27, the data revealed.

Within the business period, forex turnover plummeted by 12 per cent ($127.82 million) as against $144.55 million posted in the previous market session on Thursday.

Meanwhile, the naira maintained stability at the parallel market on Friday, data posted on AbokiFX, a website that collates the parallel market rate in Lagos, showed.

According to the data published, the naira was exchanged at the Black market segment on Friday at N1000 per dollar and sold at N1008 per $1 amidst scarcity and soaring demand for the greenback currency.

At the Abuja street market, currency dealers said they exchanged the dollar at N993.00 per $1 on Friday as against N997.00 it was exchanged for on Thursday.

“The government is not giving dollars, that is why the dollar is scarce,” a vendor at Wuse Zone 4, Abuja, who gave his name as Aliyu told PREMIUM TIMES in an interview Friday evening.

Mr Aliyu said the dollar was scarce because people were buying the dollars and hoarding them, and that they will be brought out to resell when the currency appreciates.

“We are only recycling the dollar you are seeing in the market. No new dollar is in circulation as we speak,” the trader said.

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