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Naira strenghtens further at the parallel market

Chike Olisah by Chike Olisah
May 29, 2020
in Markets
Naira, Unify exchange rates to foster economic growth – NISER , OFFICIAL: Banks charge N368 per dollar for debit card transactions
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The rally of the naira at the parallel market, popularly called the black market, continued as the currency was marginally strengthened 2 days in a row against the dollar.

Information from Abokifx shows that the naira appreciated to N453 to a dollar on Thursday, May 28, 2020. This represents a N2 gain when compared to the N455 to a dollar that it exchanged at the end of Wednesday trading.

This could be attributed to lower demand for foreign exchange at the parallel market.

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In another development, the local currency moved slightly in the opposite direction at the Investors and Exporters (I&E) window as it depreciated to N386.33 to a dollar.

READ ALSO: CBN pumps funds into FOREX market through Wholesale SMIS

This shows a loss of N0.39 when compared to the N385.94 to a dollar that was recorded yesterday, Wednesday, May 27, 2020.

This is coming against the backdrop of a decline in the daily turnover to $22.65 million at the I&E window. This represents a drop of $8.73 million when compared to the $31.38 million that was recorded the previous day.

The performance of the naira in the 2 forex markets is coming on a day that the Central Bank of Nigeria against expectations reduced the Monetary Policy Rate (MPR) to 12.5% from 13.5%. This decision was taken after today’s monetary policy committee meeting and that is the lowest rate in the last 4 years.

READ MORE: Nigerian artistes now surviving on digital shows after losing gig money to Coronavirus

In a bid to create more confidence in the forex market, the CBN Governor Godwin Emefiele had assured foreign investor of the safety of their investments despite a drop in foreign exchange earnings due to low oil prices.

However, the future outlook appears more positive following, the rebound of crude oil prices above the revised $25 per barrel benchmark and more foreign exchange earnings for the country.

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Tags: Business Newsdollar scarcityExchange RateNairaNigeria NewsOn the Moneyparallel market

Comments 1

  1. Oroko olufemi says:
    May 30, 2020 at 4:39 am

    Thanks Mr Chike for been here,Good we r having d economy picking up gradually n naira gaining more strength.
    My just question is that can still CBN reverse d exchange rate back to 305 per dollar WC resulted to 360 to a $ at d parallel or black market or even lower than 360 b4 CBN devalue d baira,bsc d devaluation by d CBN already taking its toll on d economy n d commoners are st d receiving end.thanks

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