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Home Markets Currencies

Naira drops at the parallel market despite gaining at I&E forex window

Chike Olisah by Chike Olisah
June 11, 2020
in Currencies
Naira remains stable at the black market, Brent crude moves past $40 per barrel, Where to invest N500,000 right now, Naira crashes to new record low at black market as businesses divert export proceeds,Naira crashes to N500/$1 at black market as CBN adjusts exchange rates
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The naira was strengthened on Wednesday as it appreciated to N386.94 to a dollar at the Investors and Exporters (I&E) window, after the day’s trading session. The local currency gained N0.14 against the dollar, when compared to the N387.08 to a dollar that is traded on Tuesday, June 9, 2020.

The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which depreciated to N450 to a dollar, according to information on AbokiFX as of Wednesday, June 10, 2020.

Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N0.02, closing at N386.94 to a dollar, as against the indicative rate of N386.96 to a dollar that it opened with on Wednesday morning. The opening indicative rate on Wednesday also represents a loss of N1.01 when compared to the N385.95 that it opened with on Tuesday.

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A cursory look at the data from the FMDQ shows that the turnover for the day witnessed a significant jump by about 96% at $62.28 million.

However, the situation at the I&E forex window seems to contrast with that at the parallel market as the local currency lost N2. The naira, on Wednesday, June 10, 2020, depreciated to N450 to a dollar at the parallel market otherwise known as the black market as against the N448 to a dollar that it exchanged the previous day.

The depreciation of the naira at the black market can be attributed to the pressure on the foreign exchange market despite the Central Bank of Nigeria’s efforts to boost the local currency.

READ MORE: Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira

The naira was reported to have strengthened at the future market by N6 thereby hitting N578.37 for 5-year forward on Wednesday, June 10, 2020, as against the N584.11 to a dollar that it was last week.

The CBN has been intervening in the foreign exchange market although the current daily turnover of $62.28 million on the over the counter spot market is a far cry from around $300 million a day that it was last year.


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Tags: Business NewsCentral Bank of NigeriaForex MarketInvestors and Exporters WindowNigeria Newsparallel market
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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