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Exchange Rate Today: Naira Gains Marginally Against the Dollar

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Capital inflows, BDC, customs duty rate

CEM REPORT, MARKET | While speculators are on the lookout for any possible upset in the FX market following CBN directive on the old and new notes co-existence, the naira has continued the week strong.

The naira gained marginally against the dollar on Wednesday, selling at N751 from N752 it traded yesterday at the parallel market.

Parallel market traders are willing to buy the greenback at N749, a difference of N1 from N750 they bought yesterday.

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However, at the official rates window the dollar is still 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.

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However, at the parallel market, the naira weakened against the GBP as it is currently selling for N920, a N10 depreciation from N910 it sold yesterday while the Euro remained unchanged at N785.

The official rate of the GBP further weakened, to average at N561 from N556, while the Euro strengthen from N492.8 to N494 respectively.

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