CEM REPORT, MARKET | The mounting demand for foreign exchange (FX) – particularly, the dollar – is creating intensified pressure that’s driving buyers to the unregulated parallel market. This trend is significantly weakening the Naira.
As of today, Tuesday, the parallel market sells a dollar between ₦1,130 and ₦1,150. According to CEM sources in Lagos and Abuja respectively, a dollar trades at ₦1,145-₦1,150 and ₦1,130 on the parallel market.
It’s noteworthy that these prices have only experienced marginal changes from yesterday’s trading sessions.
At the CBN window, however – as opposed to its unregulated counterpart – there has been a slight increase in dollars’ value relative to last session. Specifically speaking: from ₦817/$ yesterday; it now trades at ₦818/$ today. The Custom trading window still maintains its rate of ₦783/$.
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Following Monday’s trade activities on the Autonomous Foreign Exchange Market (NAFEM), Naira gained 5.26 per cent as against Friday’s quote of N791.75; with $176.75 million recorded as daily FX turnover – up by 12.02% compared with Friday’s volume ($157.78 millionthe .