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Home Markets Currencies

Naira gains at the parallel market as local currency strengthens across forex markets

Chike Olisah by Chike Olisah
June 10, 2020
in Currencies, Markets
Exchange rate depreciates at NAFEX window as forex liquidity drops further by 57%, Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty, Naira gains against the dollar at I&E window, forex liquidity up by 242%  
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The naira made a rebound in the foreign exchange market as it gained against the dollar at the parallel market. The local currency appreciated against the dollar at the parallel market popularly known as the black market.

According to information obtained from Abokifx, the naira appreciated to N448 to a dollar on Tuesday, June 9, 2020. This shows a gain of N2 when compared to the N450 to a dollar that was recorded on Monday.

The gain in the black market can be attributed to a drop in forex demand especially by speculators.

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In a related development, the naira appreciated against the dollar at the Investors and Exporters (I&E) window. The naira traded at N387.08 to a dollar on Tuesday, June 9, 2020, as against the N387.33 that it was exchanged for yesterday. This represents a gain of N0.25. The opening indicative rate of N385.95 represents a gain of N1.51 to a dollar when compared to the opening rate of N387.46 that was recorded the previous day.

A further look at information from FMDQ shows that there is an increase in daily turnover to $31.81 million as against the $14.66 million which was recorded the previous day. This represents a 117% increase in market turnover.

The foreign exchange market has witnessed more stability with increased liquidity recently. This might be attributed to an increase in the price of oil which contributes about 90% to the country’s foreign exchange earnings and the $3.4 billion disbursements by IMF to the central bank of Nigeria

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Tags: Business NewsFMDQForex MarketIMFInvestors and Exporters WindowNigeria Newsparallel market

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