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Exchange Rate Today: Naira Weakens Further Against the Dollar

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NAIRA

CEM REPORT, FINANCE | The naira has continued to trail against the dollar at the parallel market. The scarcity of the greenback has further strengthened its position against the naira.

Sources close to CEM revealed that the dollar is trading at ₦744/$. Traders are willing to buy the greenback at ₦742/$.

However, from CBN’s website, the dollar is trading at an average of ₦460/$.

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In other markets, the pound gained further against the naira trading at ₦935/£ while traders are willing to buy at ₦915/£.

Also, the Euro strengthen trading at ₦820/€ at the parallel market, traders are willing to buy at ₦807/€.

The CBN official rate for the pounds and euros are averaging at ₦579.9 and ₦503.50 respectively.

FX seekers continue to patronise parallel market operators as it is increasingly difficult to acquire FX in the desired sum from the official channel.

The CBN although waging war against the dollar the impact is not felt at the parallel due to multiple exchange rate. The naira has continued to trail against the dollar at the parallel market. The scarcity of the greenback has further strengthened its position against the naira.

[READ ALSO] CBN to Raise N1.13 trillion From Treasury Bills in Q2 2023

Sources close to CEM revealed that the dollar is trading at ₦753/$. Traders are willing to buy the greenback at ₦755/$.
However, from CBN’s website, the dollar is trading at an average of ₦460/$.

In other markets, the pound gained further against the naira trading at ₦940/£ while traders are willing to buy at ₦920/£.
Also, the Euro strengthen trading at ₦822/€ at the parallel market, traders are willing to buy at ₦809/€.
The CBN official rate for the euros is averaging ₦499.

FX seekers continue to patronise parallel market operators as it is increasingly difficult to acquire FX in the desired sum from the official channel.

The CBN although waging war against the dollar the impact is not felt at the parallel due to multiple exchange rate windows.

 

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