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Exchange Rate Today: Naira Regaining Health Gradually, Rates fall to N1,168

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Capital inflows, BDC, customs duty rate

CEM REPORT, FINANCE | Exchange rate of dollar against the naira has long become the determining factor in the survival of Nigerians and the total state of health of the Nigerian economy. Sadly, it is because the prices of larger number of consumer and industrial goods are directly or indirectly determined by exchange rate of naira against the dollar.

So, enquiry about the dollar can be likened to enquiry about the state of the proverbial sick village doctor who is the sole custodian of the antidote to the village recurrent epidemy. When he sneezes, the whole village develop fever.

The past two weeks have been period of heightened apprehension by Nigerians who worry about their survival in the face of skyrocketing prices of commodities directly determined by the rate. So, how is naira fairing against the dollar today?

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According to market report just reaching CEM, on a reassuring note, the naira has mustered some strength against the dollar. The dollar currently exchanged at the rate of N1,168 at the BDC market, falling further from the N1,185 (on average) it exchanged on Friday.

[READ ALSO] Will Naira Regain Strength against the Dollar?

At the CBN, dollar seekers can access it at N786.98 while sellers will receive N785.98 per dollar.

Pounds is now N1,520 while dealers buy at the rate of N1,450 at the BDC market. At the CBN, it sells at the rate of N955.3937 while it buys at the rate of  N954.1797

Euro goes for lower price of N1,235 while buyers buy it at the rate of N1,190.

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