Naira Falls at Official, Informal Foreign Exchange Markets
The Nigerian naira pulled back against the US dollar across foreign exchange markets, thanks to increased demand for the greenback for international payments.
The currency market experienced significant negative fluctuation in exchange rate stability at the official window over successive declines in forex market liquidity.
The official spot rate worsened despite FX intervention sales to authorised dealers and banks.
On Friday, the naira lost ground in both segments, slipping 0.20% to ₦1,446.74/$ at the official window and edging down 0.03% to ₦1,476/$ in the parallel market, signalling renewed downward pressure and waning confidence across the official and informal markets.
The intermittent FX sales failed to save the day amidst growing external reserves. At the last count, Nigeria’s gross external reserves expanded to $44.6 billion following additional inflows in the just-concluded week.
The outlook on the local currency, though shaky, remains positive across Broadstreet, with the market expecting the Apex Bank to step up FX interventions to jump-start the naira again. #Nigerians Consume 56.74m Litres of Petrol Daily in Oct – NMDPRA
