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Exchange Rate Today: Naira Continues its Poor Form

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NAIRA

CEM REPORT, MARKET | The Naira is still presently hovering at an average of ₦889/$ at the parallel market today Wednesday.

CEM sources confirm that parallel market traders are exchanging the Pounds at ₦1,175/£ and the Euro at ₦960/€.

As demand for FX continue to increase and official channels are not able to meet demand of customer in need of FX continue to seek out and patronise parallel market traders hence giving them the power to determine price.

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Meanwhile, at the official I&E window, the dollar is trading at ₦775.86/$ a 12.7 per cent from the parallel price.

On the other hand, the pound and euro are trading at ₦990.69 and ₦851.11 respectively at the I&E window.

Although, the Special Adviser to the President on Monetary Policies, Wale Edun has said that the reforms introduced and implemented by the administration would produce a steady exchange rate window and strengthen the naira, it is not clear when this would happen.

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