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Naira Sinks, Dollar Hits 1,065 Naira

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CEM REPORT, FINANCE | Efforts of the federal government to unify the two exchange rate market windows appears to be yielding no result as the gap between CBN rate and the BDC market rate gets wider by the day after the initial slight response.

Today’s BDC market is the most volatile in recent weeks where rates have jumped sharply. The market opened Tuesday with NGN1,055 for USD1. This rate moved sharply to NGN1065 to USD1 by mid-day representing 0.95% from the NGN1055 the green back closed the market with yesterday.

With the selling rate above, dealers are willing to buy at N1,061 having increased from NGN1,045 they purchased yesterday.

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At the CBN’s official window, dollar is trading for NGN765.241 for USD1.

Last week the Central Bank announced the lifting of ban placed on the official access of dollar by commodity importers by the previous administration. This was done according to the statement, to reducing the pressure on the alternative market by importers being the place they can source dollars easily.

[READ ALSO] Capital Importation Declines by Whooping 9% in Q2’23

While we await the outcome of this measure by the CBN, the market has remained divided.

In the same vein, pound currently trade for NGN1,302 against the NGN1,288 it exchanged yesterday while dealers are willing to by NGN1,285

Other currencies seem to be a bit stable when compared to Monday’s rates. The euro sells at NGN1,102, same rate for Monday.

 

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