CEM REPORT, MARKET | The Nigerian Naira has contined in its weak state in the midweek Foreign Exchange market, still hovering around a thousand two hundred naira against the dollar at the peer-to-peer market as of today November 1, 2023.
At the peer-to-peer market, CEM sources confirm that the dollars sells at ₦1175/$1 against ₦1170/$1 it sold yesterday.
While it seems that the naira was trying to make a come back yesterday, today’s rate indicate resilience of the dollar against the naira, although its still early to draw conclusions.
According to Aboki FX, dollar today November 1, 2023 sells for ₦1170/$1. At the CBN window dollar goes for ₦909.93/$1.
Meanwhile, the single window rate closed at ₦824.994/$1 yesterday, while the NAFEM window closed at ₦815.32/$1.
The disparity between the official windows and black market continues to widened as a result of scarcity which has led to more persons patronising the black market against the official market.
However, to combat the crisis, the Presidential Committee on Fiscal Policy and Tax Reforms is at the verge of introduction new policies that will boost the value of the naira and suffocate the activities of black market traders.
Although market experts are hopeful that the naira will rebound before the close of the year, the actions and decisions of the federal government still plays a major role.
According to Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, the federal government intents to clear the backlog of foreign exchange demand estimated at almost $7 billion, establish transparent guidelines in the FX market, and increasing liquidity in the market.
He added “We think all of that will happen before December, and maybe in a matter of a couple of weeks we will begin to see the results, such that before the end of the calendar year, naira should find its true value, not the one that is being done currently in the parallel market,” Bloomberg reports.