Naira Sold Around N765 at Official, Parallel Market

Naira Sold Around N765 at Official, Parallel Market

Nigeria’s naira traded near its market equilibrium level as exchange rates across the markets converged around N765 band per United States (US) dollar on Thursday amidst mixed demand, according to the FDMQ Exchange quotation.

At the Central Bank of Nigeria’s (CBN) investors, and exporters’ FX window, the naira depreciated due to increasing demand for foreign currencies. However, the local currency appreciated in the black market as users prefer banks’ FX quotes.

Thursday’s FX quotation from the FMDQ Exchange platform showed that a US dollar was sold at N765.13 at the official window. This means the local currency depreciated when compared with the exchange rate of N763.17 per US dollar reported in the official market on Wednesday.

Meanwhile, foreign currency traders reported that the open indicative rate closed at N753.50 per US dollar on Thursday. An exchange rate of N801 to the US dollar was the highest rate recorded within the day’s trading before it settled at N765.13.

Market data showed that the naira sold for as low as N446.32 to the greenback within Thursday’s trading. A total of 204.84 million US dollars was traded at the official investors and exporters window on Thursday. Nigerian Treasury Bills Yield Rises to 7%

Futureview Financial Service Limited said the exchange rate in the CBN secondary market intervention sales (SMIS) Window however remained unchanged at N640.00 per greenback.

As Nigeria embarks on reforms, the exchange rate declined by 0.13% Thursday in the parallel market to N765.5 per greenback.

In a note, Cowry Asset Management said the 3-month and 1-year forward rates closed lower at N776.16 and 860.59, respectively, indicating losses, while the 1-month forward closed higher at N616.21. #Naira Sold Around N765 at Official, Parallel Market