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Currencies

Naira falls against the dollar at the forex market, liquidity down by 88%  

The volatility and uncertainty of the forex market seem to persist due to liquidity shortages across markets. 

Published

on

FOREX

Forex turnover at the Investor and Exporters (I&E) window recorded a reversal on Tuesday, June 30, 2020, as it dropped by 88%, a huge decline from the improved liquidity thatwas recorded on Monday, June 29, 2020, in the foreign exchange market. This is according to data from the FMDQOTC, an exchange where forex is traded by foreign investors and exporters. 

According to the data tracked by Nairametrics, forex turnover  fellfrom $122.89 million on Monday, June 29, 2020, to just $14.37million on Tuesday, June 30, 2020, representing a significant drop of  88% on a day-to-day basis. This is a sharp reversal from the 242% gain recorded a day earlier and also the lowest turnover recorded in the I&E window since last week. 

UBA ADS

This reinforces the volatile and uncertain nature of the foreign exchange market with trading volumes apparently irregular piling pressure on the exchange rate at the NAFEX market and by extension the parallel market.  

READ ALSO: Gold Breaks $1,800 ceiling, reaches record high since 9/11

The  volatility and uncertainty of the forexmarket seem to persist  due to liquidity shortages across markets.  Liquidity remains quite tight in the foreign exchange market, with the average turnover in the I&E market significantly down to about $45.5 million in the month of May compared to $297.5 million that was recorded in January. 

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Several reports tracked by Nairametrics indicate that the accumulated demand for forex in the market could be between $1.5 and $5 billion as supply shortages persist. Forex shortages have persisted since the crash in oil prices coincided with the global lockdown due to COVID-19. The rise in demand and contrasting drop in supply has called for another round of devaluation, which the CBN has insisted it has plans to implement. A devaluation last occurred in March. The activities of the speculators seem to have continued unabated. 

Speculators have thus patronized the parallel market, otherwise known as the black market, thereby widening the gap between it and the I&E window. The CBN maintains that the perceived demand cannot be substantiated as the lockdown induced by the COVID-19 pandemic suggest demand should be low due to travel restrictions and drop-in economic activities. 

The further decline in liquidity could further fuel speculations in the black market where the exchange rate has traded at a premium of N60 over the last few weeks. 

onebank728 x 90

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

Exchange rate   

In related news, the exchange rate on the I&Edepreciated on Tuesday, closing at N386.50 to a dollar, compared to the N386 to a dollar that was reported on Monday, June 29, representing a 50kobo drop. The opening indicative rate was N387.10to a dollar for  Tuesday. This represents a loss of 24 kobo when compared to the N386.86opening rate recorded on Monday. 

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At the black market where forex is traded unofficially, the naira remained stable as it exchanged for N460 to a dollar on Tuesday. This was the same exchange rate that was recorded on Monday. 

Nigeria continues to maintain multiple exchange rates comprising the CBN official rate, the BDC rates, and the NAFEX (I&E window). Nairametrics reported last week that the government is mulling unifying the multiple exchange rates in a bid to increase the amount available for state governments to share. 

The depreciation of the Naira can be attributed to the shortage of dollar supply which is outweighed by demand. The negative impact of the coronavirus pandemic on global oil prices has constrained the CBN’s capacity to intervene satisfactorily in the foreign exchange market as dollar inflow has slumped. 

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According to FSDH research, the total forex inflows to the I&E window dropped from $3.19 billion in January to $459.2 billion in April and $381.2 million in the month of May 2020. The drop in forex inflow and the declining external reserves have put significant pressure on the foreign exchange market.  

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Patricia

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

1 Comment

1 Comment

  1. Andy John

    July 1, 2020 at 9:45 am

    You are to be commended for the good work. Keep it up! More news, more information!

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Currencies

Daily Parallel Market exchange rate – ₦470/$1

The US dollar stands at ₦470/US$1 in the parallel market

Published

on

Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar on Thursday stands at 470/US$1 in the parallel market. The exchange rate also closed at 470/$1 on Wednesday 15th July 2020.

  • Naira:470
  • Dollar: $1
  • Date: July 16th 2020

The exchange rate between the naira and the British pounds sterling also stands at  ₦565/₤1 on Thursday 16th of July as against ₦570/₤1 recorded on 15th July 2020.

UBA ADS
  • Naira: ₦565
  • Pounds Sterling: ₤1
  • Date: July 16th 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦495/€1 on Thursday 16th of July 2020 The exchange rate also closed at ₦498/€1 on Wednesday 15th July 2020.

  • Naira: ₦495
  • Euro: €1
  • Date: July 16th 2020

Activity: The US dollar currently sells for an average of 470/$1.

GTBank 728 x 90

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

Data is collated from various black market dealers on the mainland and island of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
7/16/2020Dollar460470
7/16/2020Pounds558565
7/16/2020Euro485495
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
07/10/2020Dollar453460458465Low
07/10/2020Pounds520525550555High
07/10/2020Euro465467510520High
07/09/2020Dollar455461455463Low
07/09/2020Pounds550558550562Low
07/09/2020Euro495504498505Low
07/08/2020Dollar455461455461Low
07/08/2020Pounds550558550558Low
07/08/2020Euro495504495504Low
07/07/2020Dollar455461455461Low
07/07/2020Pounds550558550558Low
07/07/2020Euro495502495502Low
07/06/2020Dollar455462455461Low
07/06/2020Pounds550562547555Low
07/06/2020Euro495502496502Low
07/03/2020Dollar455462454461Low
07/03/2020Pounds548560550560Low
07/03/2020Euro495505495502Low
07/02/2020Dollar455462454461Low
07/02/2020Pounds548560550560Low
07/02/2020Euro495505495502Low
07/01/2020Dollar455462455462Low
07/01/2020Pounds548560548560Low
07/01/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
06/12/2020Dollar440450440450Low
06/12/2020Pounds538550538550Low
06/12/2020Euro470485470485Low
06/11/2020Pounds538550538550Low
06/11/2020Dollar440450440450Low
06/11/2020Euro470485470485Low
06/10/2020Pounds538550540553Low
06/10/2020Dollar440450445452Low
06/10/2020Euro470485475490Low
06/09/2020Pounds538550540550Low
06/09/2020Dollar440450440450Low
06/09/2020Euro470485475485Low
06/08/2020Pounds540550540550Low
06/08/2020Dollar440450440450Low
06/08/2020Euro475485475485Low
06/05/2020Pounds535545535545Low
06/05/2020Dollar440450440450Low
06/05/2020Euro460472460472Low
06/04/2020Pounds530543530543Low
06/04/2020Dollar440447440447Low
06/04/2020Euro460470460470Low
06/03/2020Pounds530540530540Low
06/03/2020Dollar440445440445Low
06/03/2020Euro460470460470Low
06/02/2020Pounds535545535545Low
06/02/2020Dollar440450440450Low
06/02/2020Euro460472460472Low
06/01/2020Pounds530543530543Low
06/01/2020Dollar440447440447Low
06/01/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
05/12/2020Pounds525535525535Low
05/12/2020Dollar435450435450Low
05/12/2020Euro445455445455Low
05/11/2020Pounds510530525535Low
05/11/2020Dollar430445435445Low
05/11/2020Euro440450445455Low
05/08/2020Pounds510530510530Low
05/08/2020Dollar425437430445Low
05/08/2020Euro425440440450Low
05/07/2020Pounds510530510530Low
05/07/2020Dollar425437425437Low
05/07/2020Euro425440425440Low
05/06/2020Pounds510520510520Low
05/06/2020Dollar425437425437Low
05/06/2020Euro430450430450Low
05/05/2020Pounds510525510525Low
05/05/2020Dollar410430420430Low
05/05/2020Euro425435425435Low
05/04/2020Pounds500510510525Low
05/04/2020Dollar435450410430Low
05/04/2020Euro430440425435Low
05/01/2020Pounds500510500510Low
05/01/2020Dollar435450435450Low
05/01/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
04/10/2020Pounds490505490505Low
04/10/2020Dollar420430420430Low
04/10/2020Euro425435425435Low
04/09/2020Pounds490505490505Low
04/09/2020Dollar420430420430Low
04/09/2020Euro425435425435Low
04/08/2020Pounds490500490500Low
04/08/2020Dollar420430420430Low
04/08/2020Euro425435425435Low
04/07/2020Pounds490500490500Low
04/07/2020Dollar420430420430Low
04/07/2020Euro425435425435Low
04/06/2020Pounds492497492497Low
04/06/2020Dollar402412402412Low
04/06/2020Euro410415410415Low
04/03/2020Pounds485490492497Low
04/03/2020Dollar400410402412Low
04/03/2020Euro410415410415Low
04/02/2020Pounds485490485490Low
04/02/2020Dollar400410400410Low
04/02/2020Euro410415410415Low
04/01/2020Pounds480485480485Low
04/01/2020Dollar395400395400Low
04/01/2020Euro407412407412Low
3/31/2020Pounds480485480485Low
3/31/2020Dollar395400395400Low
3/31/2020Euro407412407412Low
3/30/2020Pounds480485480485Low
3/30/2020Dollar390395395400Low
3/30/2020Euro407412407412Low
3/27/2020Pounds480485480485Low
3/27/2020Dollar385390390395Low
3/27/2020Euro405410407412Low
3/26/2020Pounds480485480485Low
3/26/2020Dollar385390385390Low
3/26/2020Euro405410405410Low
3/25/2020Pounds475480480485Low
3/25/2020Dollar380385385390Low
3/25/2020Euro400405405410Low
3/24/2020Pounds475480475480Low
3/24/2020Dollar380385380385Low
3/24/2020Euro400405400405Low
3/23/2020Pounds474478474478Low
3/23/2020Dollar380385380385Low
3/23/2020Euro400403400403Low
3/20/2020Pounds475480475480Low
3/20/2020Dollar370375365367Low
3/20/2020Euro395400395400Low
3/19/2020Pounds475480475480Low
3/19/2020Dollar370375370375Low
3/19/2020Euro395400395400Low
3/18/2020Pounds471475471475Low
3/18/2020Dollar370375370375Low
3/18/2020Euro390395390395Low
3/17/2020Pounds470475470475Low
3/17/2020Dollar375380375380Low
3/17/2020Euro400403400403Low
3/16/2020Pounds470475470475Low
3/16/2020Dollar370375370375Low
3/16/2020Euro400403400403Low
3/13/2020Pounds470475470475Low
3/13/2020Dollar372377372377Low
3/13/2020Euro400403400403Low
03/12/2020Pounds475485490495High
03/12/2020Dollar365380375404High
03/12/2020Euro405412410420Low
03/11/2020Pounds470475475485Low
03/11/2020Dollar360366365375Low
03/11/2020Euro387403405412Low
03/10/2020Pounds468472470475Low
03/10/2020Dollar358360360362Low
03/10/2020Euro390398387403Low
03/09/2020Pounds468472468472Low
03/09/2020Dollar358360358360Low
03/09/2020Euro392398392398Low
03/06/2020Pounds468472468472Low
03/06/2020Dollar358360358360Low
03/06/2020Euro390398390398Low
03/05/2020Pounds468472468472Low
03/05/2020Dollar358360358360Low
03/05/2020Euro390397390397Low
03/04/2020Pounds468473468473Low
03/04/2020Dollar358360358360Low
03/04/2020Euro387392387392Low
03/03/2020Pounds468472468472Low
03/03/2020Dollar358360358360Low
03/03/2020Euro387392387392Low
03/02/2020Pounds468472468472Low
03/02/2020Dollar358360358360Low
03/02/2020Euro387392387392Low
2/28/2020Pounds468472468472Low
2/28/2020Dollar358360358360Low
2/28/2020Euro387392387392Low
2/27/2020Pounds467471468472Low
2/27/2020Dollar358360358360Low
2/27/2020Euro386390387392Low
2/26/2020Pounds468472467471Low
2/26/2020Dollar358360358360Low
2/26/2020Euro386390386390Low
2/25/2020Pounds467472468472Low
2/25/2020Dollar358360358360Low
2/25/2020Euro388392386390Low
2/24/2020Pounds467472467472Low
2/24/2020Dollar358360358360Low
2/24/2020Euro388392388393Low
2/21/2020Pounds467473468473Low
2/21/2020Dollar358360358360Low
2/21/2020Euro388392388392Low
2/20/2020Pounds467473467473Low
2/20/2020Dollar358360358360Low
2/20/2020Euro388392388392Low
2/19/2020Pounds467473467473Low
2/19/2020Dollar358360358360Low
2/19/2020Euro390394390394Low
2/18/2020Pounds467473467473Low
2/18/2020Dollar358360358360Low
2/18/2020Euro390394390394Low
2/17/2020Pounds469473467474Low
2/17/2020Dollar358360358360Low
2/17/2020Euro390394390394Low
2/14/2020Pounds469473469473Low
2/14/2020Dollar358360358360Low
2/14/2020Euro390394390394Low
2/13/2020Pounds470475470475Low
2/13/2020Dollar358360358360Low
2/13/2020Euro390396390396Low
02/12/2020Pounds470475470475Low
02/12/2020Dollar358360358360Low
02/12/2020Euro390396390396Low
02/11/2020Pounds470475470475Low
02/11/2020Dollar358360358360Low
02/11/2020Euro390396390396Low
02/10/2020Pounds470475470475Low
02/10/2020Dollar358360358360Low
02/10/2020Euro390396390396Low
02/07/2020Pounds471475471475Low
02/07/2020Dollar358360358360Low
02/07/2020Euro390396392396Low
02/06/2020Pounds473476473476Low
02/06/2020Dollar358360358360Low
02/06/2020Euro392397392397Low
02/05/2020Pounds473476473476Low
02/05/2020Dollar358360358360Low
02/05/2020Euro393397393397Low
02/04/2020Pounds473476473476Low
02/04/2020Dollar358360358360Low
02/04/2020Euro393397393397Low
02/03/2020Pounds473476473476Low
02/03/2020Dollar358360358360Low
02/03/2020Euro393397393397Low
1/31/2020Pounds473476473476Low
1/31/2020Dollar358360358360Low
1/31/2020Euro393397393397Low
1/30/2020Pounds472478472476Low
1/30/2020Dollar358361358360Low
1/30/2020Euro394398394398Low
1/29/2020Pounds472476472476Low
1/29/2020Dollar358360358360Low
1/29/2020Euro394398394398Low
1/28/2020Pounds472476472476Low
1/28/2020Dollar358360358360Low
1/28/2020Euro394398394398Low
1/27/2020Pounds473476473476Low
1/27/2020Dollar358360358360Low
1/27/2020Euro394398394398Low
1/24/2020Pounds474478474478Low
1/24/2020Dollar358362358362Low
1/24/2020Euro395400395400Low
1/23/2020Pounds474478474478Low
1/23/2020Dollar358362358362Low
1/23/2020Euro395400395400Low
1/22/2020Pounds474478474478Low
1/22/2020Dollar359362359362Low
1/22/2020Euro394398394398Low
1/21/2020Pounds473477475479Low
1/21/2020Dollar360362359362Low
1/21/2020Euro395400395400Low
1/20/2020Pounds473477473477Low
1/20/2020Dollar360362360362Low
1/20/2020Euro395400395400Low
1/17/2020Pounds473477473477Low
1/17/2020Dollar360362360362Low
1/17/2020Euro395400395400Low
1/16/2020Pounds457480474477Low
1/16/2020Dollar360362360362Low
1/16/2020Euro397403395400Low
1/15/2020Pounds475480475480Low
1/15/2020Dollar360362360362Low
1/15/2020Euro397402397402Low
1/14/2020Pounds470475474480Low
1/14/2020Dollar359362360362Low
1/14/2020Euro397402397400Low
1/13/2020Pounds470477470475Low
1/13/2020Dollar359362359362Low
1/13/2020Euro397403397402Low
01/10/2020Pounds470475470475Low
01/10/2020Dollar359362359362Low
01/10/2020Euro397402397402Low
01/09/2020Pounds470475470475Low
01/09/2020Dollar359362359362Low
01/09/2020Euro397403397403Low
01/08/2020Pounds470475470475Low
01/08/2020Dollar359362359362Low
01/08/2020Euro397403397403Low
01/07/2020Pounds470477470477Low
01/07/2020Dollar359362359362Low
01/07/2020Euro397403397403Low
01/06/2020Pounds468473470477Low
01/06/2020Dollar359362359362Low
01/06/2020Euro392400397403Low
01/03/2020Pounds468473468473Low
01/03/2020Dollar359362359362Low
01/03/2020Euro390400390400Low
01/02/2020Pounds467473467473Low
01/02/2020Dollar359362359362Low
01/02/2020Euro392400392400Low
12/24/2019Pounds468474468474Low
12/24/2019Dollar358361358361Low
12/24/2019Euro390395390395Low
12/23/2019Pounds474478474478Low
12/23/2019Dollar359362359362Low
12/23/2019Euro395400395400Low
12/20/2019Pounds474480474480Low
12/20/2019Dollar359363359363Low
12/20/2019Euro395401395401Low
12/19/2019Pounds472480472480Low
12/19/2019Dollar359363359363Low
12/19/2019Euro395401395401Low
12/18/2019Pounds472480472480Low
12/18/2019Dollar360363359363Low
12/18/2019Euro395400395400Low
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Currencies

U.S dollar gains ground as currency traders turn to safe-haven asset

Analyst survey expects the dollar to weaken by about 2% to 94.1 by the second quarter of next year.

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greenback, U.S dollar rises against major currencies, U.S and China’s economic data support the dollar, U.S dollar gains ground, U.S. President Trump boosts investors’ Optimism

The American dollar gained on Thursday at London’s trading session, with global investors and currency traders turning to the safe-haven asset, thereby reversing earlier losses recorded at Asia’s trading session.

The American Dollar Index, which monitors the U.S dollar against a basket of other currencies, gained 0.03% to trade at 96.067, 06.05 GMT.

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Quick fact: The U.S. Dollar Index tracks the American currency against a basket of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro). Individuals hoping to meet foreign exchange payment obligations, via dollar transactions to countries like Europe, and Japan, would need to pay fewer dollars in meeting such obligations.

However, according to an analyst survey recently compiled by Bloomberg News, the U.S dollar index is expected to weaken by about 2% to 94.1 by the second quarter of next year. It traded around the 96 levels on Thursday.

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Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics, spoke on the greenback’s downside despite the surge in COVID-19 cases. He said:

“As for the US Fed policy, it looks like rates will be low for as far as the eye can see, and they will only raise rates when the whites of inflations eyes are visible.

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“With the Fed providing ample liquidity, equities bid into every dip. The market is seemingly ignoring an increase in Covid-19 cases. It is making for a comfortable backdrop to stay short dollars.”

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Currencies

Naira crashes to N470/$1 as currency uncertainty worsens 

Forex  turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1.       

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Naira crashes to N470/$1 as currency uncertainty worsens 

The exchange rate at the parallel market fell to another new 3-year lowclosing at N470/$1 on Wednesday, July 15, 2020. However, on the officially recognized NAFEX market, the forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1.       

Parallel Market: At the black market where forex is traded unofficially, the Naira depreciated by N5 to a dollar to close at N470 to a dollar on Wednesday, according to information from Aboki FX a prominent FX tracking website. This is against the N465 that it exchanged on Tuesday. However, during intraday trading, Nairametrics research observed the dollar sold for as high as N470/$ and as low as N465/$1. NairametricsFX trackeralso reported a parallel market FX rate of N470/$1.  

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NAFEX:  The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N386.50/$1, compared with the N386 that was reported on Tuesday, July 14. The opening indicative rate was N387.75to a dollar on Wednesday. This represents a 17 kobo gain when compared to the N387.92 to a dollar that was recorded on Tuesday.     

Nigeria maintains multiple exchange rates comprising the CBN official rate, the BDC rates, SMIS, and the NAFEX (I&E window). Nairametrics reported a few weeks ago that the government has set plans in motion to unify the multiple exchange rate in line with requirements from the World Bank. Nigeria is seeking a world bank loan of up to $3 billion. The country has been under pressure from the International Monetary Fund and the World Bank for currency reforms.     

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Forex Turnover         

Meanwhile, forex turnover at the Investor and Exporters (I&E) window recorded an increaseon Wednesday, July 15, 2020, as it rose by 44.9% day on day. According to the data tracked by Nairametrics, forex turnover rosefrom $12.91million on Tuesday, July 14, 2020, to $18.71 million on Wednesday, July 15, 2020. Although there was an improvement, the low turnover reaffirms the scarcity of dollars and an indication of the liquidity pressure in the foreign exchange market. This also is a far cry from an average of $200 million recorded at major trading days during the last few weeks.       

READ ALSO: FPI and FDI drop to $68 million and $18 million respectively in April, lowest since 2016

Rate Adjustment       

Nairametrics reported last week that the CBN official rate has been adjusted from N360 to a dollar to N381 at its SMIS window where forex is sold to importers and SME’s. A note from Renaissance capital suggests that the naira might be depreciated again at the official window if the parallel market or unofficial rate continues to weaken further. As long as there are restrictions on access to dollars, businesses will continue to patronize the unofficial market to meet up with their demands.   

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Forex News: On Monday, the Central Bank of Nigeria (CBN) had directed all authorised dealers to immediately  discontinue the processing of Forms M for maize/corn importation into the country. This directive is contained in a notice that was addressed to authorised dealers and signed by Dr O.S Nnaji, CBN’s Director in charge of Trade and Exchange Department. 

The low forex turnover can be attributed to tightened liquidity caused by low foreign exchange inflow and economic uncertainties amid the coronavirus pandemic. Although the Central Bank of Nigeria has been trying to intervene in the foreign exchange market in order to support the naira, the low foreign exchange earnings due to crash in crude oil prices have been a limiting factor.  

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