Daily FX Rate with Naira Debit Card Falls to N1460

Daily FX Rate with Naira Debit Card Falls to N1460

Daily FX rate for naira debit card transactions worsened by N2 in 24 hours to N1460 per dollar on Tuesday due to tight liquidity pressure in the official market, where the spot rate settled at N1451.

The daily quote depreciated by N7 on each international payment when compared with N1453 quoted per naira debit card-funded payment last week.

Foreign transactions settled with a naira debit card issued by a commercial bank depreciated amidst broader exchange rate weakening.

This happened in contrast to expectations that inflows from remittances will saturate the market. Import payment has historically tracked below inflow due to US transfer records from abroad to Nigerians. 

The Naira debit card rate aligns with the exchange rate quote at the parallel market. In the parallel market, the exchange rate is confirmed to be trading between N1460 and N1463 in Lagos.

The market anticipates FX rate to converge between the official and parallel markets as the Central Bank reduced Bureaux de change operators to 82, according to an official disclosure. NGX Reclassifies Lafarge, Guinness into High-Priced Stock Class