May 18, 2024

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Exchange Rate Today: Naira Opens Week Strong to the Dollar

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Capital inflows, BDC, customs duty rate

CEM REPORT, MARKET | Currency traders in the parallel market have opened the week with the dollar selling at N752 against the 754 and 753 it sold Thursday and Friday last week respectively.

With the further scarcity of the naira and FX, traders are willing to buy at N750 lower than the 751 they offered to buy on friday.

However, the official rates window is averaging around N460. With a difference of over N300, the parallel market continues to be the go-to place for FX for the average Nigerian.


Dollar rate today is opposed to market expectation following to slashing od BTA/PTA from USD4,000 per quarter to maximum of USD2,000 per half year.

[READ ALSO] Banks Slash BTA and PTA by 50%

Other Market

The GBP on the parallel market is selling for N925 while the Euro is offered at N785.

The official rate of the GBP and the Euro remains within the average of N547 and N486 respectively.



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