Currencies

FX utilization fell to its worst on record in April

Forex Utilization in Nigeria fell by a whopping 80% in April as the economic shuttered in reaction to the covid-19 pandemic.

Published

4 months ago

August 10, 2020

Research Team

FOREX, Dollar scarcity worsens as exchange rate falls to N472/$1 at black market , Naira falls to N460/$1 as CBN intervention fails to contain speculation

Forex Utilization in Nigeria fell by a whopping 80% in April as the economic shuttered in reaction to the COVID-19 pandemic. According to data from the central bank, Nigeria’s forex utilization fell to just $1 billion in April, the month where Lagos State and the Federal Capital Territory, FCT, shut down economic activities and movement.

The CBN reports forex utilization in terms of the amount of forex utilized for invisible and visible imports. In April 2020, only $713 million dollars was used for visible imports from major sectors such as Industrials, Mineral, Manufacturing, Agricultural, Oil sector and transport. This compares to about $1 billion in March. The Industrial, Food and Manufacturing sector alone gobbled up $548 million compared to $791 million in March.

Worst hit was the invisible sector, which includes financial services, business services, health and the general services sector in general. it is termed the invisible sector because the forex is utilized for payment of services unlike the visible sectors where forex is utilized for importation of equipment, assets and other physical products.

The invisible sector reported a forex utilization of $361 mullion in April compared to $4.3 billion in March and $3.6 billion in February. This is the worst drop since 2008 the earliest date we have for this dataset. Whilst the drop was recorded across all sectors, the worst hit was the financial services sector. Forex utilization fell from $4.2 billion to just $331 million. The sector constitutes a bulk of forex utilized monthly.

What this means: Forex utilization is a function of how much forex is available for businesses to use for their transactions with counterparties across the world. The economic shutdown in April affected currency markets as forex sales fell across all forex windows.

The impact in April is severe and is probably remained worse throughout May, June and July. The CBN is one of the largest forex suppliers in the country but has staved off any pressure to sell citing limited economic activity in the country and around the world. Pent up demand for forex is thought to be between $1.5 -$5 billion.

Whilst there is a recorded drop in forex utilization as officially recorded, it is likely that some of the demand may have passed through the black market. It is also no surprise that forex utilization also fell between April 2016 and January 2017 as Nigeria faced a currency crisis before it devalued to N307/$1 and launched the NAFEX window.

Related Topics:CBN Central Bank of Nigeria Covid-19 Featured Forex Utilization NAFEX window Nigeria News

Research Team

Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

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Currencies

Daily Parallel Market Exchange Rate – ₦480/$1

The US dollar stands at ₦480/US$1 in the parallel market.

Published

4 hours ago

November 25, 2020

Adeyemi Adebayo

Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Wednesday, November 25th 2020), stands at ₦480/US$1 in the parallel market. The rate had also closed at ₦480/US$1 on Tuesday, November 24th 2020.

Naira: ₦480
Dollar: $1
Date: November 25th, 2020

The exchange rate between the naira and the British pound sterling stands at ₦605/₤1 on Wednesday, November 25th 2020. The rate had also closed at ₦605/₤1 on Tuesday, November 24th 2020.

Naira: ₦605
Pounds Sterling: ₤1
Date: November 25th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦560/€1 on Wednesday November 25th 2020. The rate had also closed at ₦560/€1 on Tuesday, November 24th 2020.

Naira: ₦560
Euro: €1
Date: November 25th, 2020

Activity: US Dollar stands at ₦480/US$1 in the parallel market

Date	Currency	Buy(AM)	Sell(AM)	Buy(PM)	Sell(PM)	Volatility
11/25/2020	Dollar	475	480
11/25/2020	Pounds	600	605
11/25/2020	Euro	555	560
11/24/2020	Dollar	475	480	475	480	Low
11/24/2020	Pounds	600	605	600	605	Low
11/24/2020	Euro	555	560	555	560	Low
11/23/2020	Dollar	475	480	475	480	Low
11/23/2020	Pounds	600	605	600	605	Low
11/23/2020	Euro	555	560	555	560	Low
11/20/2020	Dollar	465	470	465	470	Low
11/20/2020	Pounds	600	605	600	605	Low
11/20/2020	Euro	555	560	555	560	Low
11/19/2020	Dollar	465	470	465	470	Low
11/19/2020	Pounds	600	605	600	605	Low
11/19/2020	Euro	555	560	555	560	Low
11/18/2020	Dollar	465	470	465	470	Low
11/18/2020	Pounds	600	605	600	605	Low
11/18/2020	Euro	555	560	555	560	Low
11/17/2020	Dollar	465	470	465	470	Low
11/17/2020	Pounds	600	605	600	605	Low
11/17/2020	Euro	555	560	555	560	Low
11/16/2020	Dollar	455	460	455	460	Low
11/16/2020	Pounds	585	590	585	590	Low
11/16/2020	Euro	535	540	535	540	Low
11/13/2020	Dollar	455	460	455	460	Low
11/13/2020	Pounds	585	590	585	590	Low
11/13/2020	Euro	535	540	535	540	Low
11/12/2020	Dollar	455	460	455	460	Low
11/12/2020	Pounds	585	590	585	590	Low
11/12/2020	Euro	535	540	535	540	Low
11/11/2020	Dollar	455	460	455	460	Low
11/11/2020	Pounds	585	590	585	590	Low
11/11/2020	Euro	535	540	535	540	Low
11/10/2020	Dollar	457	462	457	462	Low
11/10/2020	Pounds	583	587	583	587	Low
11/10/2020	Euro	535	540	535	540	Low
11/09/2020	Dollar	457	462	457	462	Low
11/09/2020	Pounds	585	590	585	590	Low
11/09/2020	Euro	535	540	535	540	Low
11/06/2020	Dollar	457	462	457	462	Low
11/06/2020	Pounds	585	590	585	590	Low
11/06/2020	Euro	535	540	535	540	Low
11/05/2020	Dollar	457	462	457	462	Low
11/05/2020	Pounds	585	590	585	590	Low
11/05/2020	Euro	535	540	535	540	Low
11/04/2020	Dollar	457	462	457	462	Low
11/04/2020	Pounds	585	590	585	590	Low
11/04/2020	Euro	535	540	535	540	Low
11/03/2020	Dollar	457	462	457	462	Low
11/03/2020	Pounds	585	590	585	590	Low
11/03/2020	Euro	535	540	535	540	Low
11/02/2020	Dollar	457	460	457	460	Low
11/02/2020	Pounds	585	590	585	590	Low
11/02/2020	Euro	530	535	530	535	Low
10/30/2020	Dollar	457	460	457	460	Low
10/30/2020	Pounds	585	590	585	590	Low
10/30/2020	Euro	530	535	530	535	Low
10/29/2020	Dollar	457	460	457	460	Low
10/29/2020	Pounds	585	590	585	590	Low
10/29/2020	Euro	530	535	530	535	Low
10/28/2020	Dollar	457	460	457	460	Low
10/28/2020	Pounds	585	590	585	590	Low
10/28/2020	Euro	530	535	530	535	Low
10/27/2020	Dollar	457	461	457	461	Low
10/27/2020	Pounds	585	590	585	590	Low
10/27/2020	Euro	535	540	535	540	Low
10/26/2020	Dollar	457	461	457	461	Low
10/26/2020	Pounds	585	590	585	590	Low
10/26/2020	Euro	535	540	535	540	Low
10/23/2020	Dollar	457	461	457	461	Low
10/23/2020	Pounds	585	590	585	590	Low
10/23/2020	Euro	535	540	535	540	Low
10/22/2020	Dollar	457	461	457	461	Low
10/22/2020	Pounds	585	590	585	590	Low
10/22/2020	Euro	535	540	535	540	Low
10/21/2020	Dollar	456	460	456	460	Low
10/21/2020	Pounds	582	593	582	593	Low
10/21/2020	Euro	535	540	535	540	Low
10/20/2020	Dollar	456	460	456	460	Low
10/20/2020	Pounds	582	593	582	593	Low
10/20/2020	Euro	535	540	535	540	Low
10/19/2020	Dollar	455	460	455	460	Low
10/19/2020	Pounds	583	592	583	592	Low
10/19/2020	Euro	530	535	530	535	Low
10/16/2020	Dollar	455	460	455	460	Low
10/16/2020	Pounds	583	592	583	592	Low
10/16/2020	Euro	530	535	530	535	Low
10/15/2020	Dollar	455	460	455	460	Low
10/15/2020	Pounds	583	592	583	592	Low
10/15/2020	Euro	530	535	530	535	Low
10/14/2020	Dollar	455	460	455	460	Low
10/14/2020	Pounds	585	590	585	590	Low
10/14/2020	Euro	530	535	530	535	Low
10/13/2020	Dollar	453	458	455	460	Low
10/13/2020	Pounds	585	590	585	590	Low
10/13/2020	Euro	530	535	530	535	Low
10/12/2020	Dollar	452	458	452	458	Low
10/12/2020	Pounds	580	585	580	585	Low
10/12/2020	Euro	530	535	530	535	Low
10/09/2020	Dollar	452	457	452	457	Low
10/09/2020	Pounds	585	590	585	590	Low
10/09/2020	Euro	535	540	535	540	Low
10/08/2020	Dollar	452	457	452	457	Low
10/08/2020	Pounds	585	590	585	590	Low
10/08/2020	Euro	535	540	535	540	Low
10/07/2020	Dollar	452	457	452	457	Low
10/07/2020	Pounds	585	590	585	590	Low
10/07/2020	Euro	535	540	535	540	Low
10/06/2020	Dollar	452	457	452	457	Low
10/06/2020	Pounds	580	585	580	585	Low
10/06/2020	Euro	535	540	535	540	Low
10/05/2020	Dollar	452	455	452	455	Low
10/05/2020	Pounds	570	580	570	580	Low
10/05/2020	Euro	540	545	540	545	Low
10/02/2020	Dollar	460	465	460	465	Low
10/02/2020	Pounds	575	585	575	585	Low
10/02/2020	Euro	530	540	530	540	Low
10/01/2020	Dollar	460	465	460	465	Low
10/01/2020	Pounds	575	585	575	585	Low
10/01/2020	Euro	530	540	530	540	Low
9/30/2020	Dollar	460	465	460	465	Low
9/30/2020	Pounds	570	580	570	580	Low
9/30/2020	Euro	530	535	530	535	Low
9/29/2020	Dollar	460	465	460	465	Low
9/29/2020	Pounds	565	575	570	580	Low
9/29/2020	Euro	530	535	530	535	Low
9/28/2020	Dollar	460	465	460	465	Low
9/28/2020	Pounds	565	570	565	570	Low
9/28/2020	Euro	530	535	530	535	Low
9/25/2020	Dollar	460	465	460	465	Low
9/25/2020	Pounds	565	575	565	575	Low
9/25/2020	Euro	535	540	535	540	Low
9/24/2020	Dollar	460	465	460	465	Low
9/24/2020	Pounds	565	570	565	570	Low
9/24/2020	Euro	535	540	535	540	Low
9/23/2020	Dollar	455	460	455	460	Low
9/23/2020	Pounds	580	585	580	585	Low
9/23/2020	Euro	535	540	535	540	Low
9/22/2020	Dollar	455	460	455	460	Low
9/22/2020	Pounds	575	585	575	580	Low
9/22/2020	Euro	530	535	530	535	Low
9/21/2020	Dollar	453	455	450	455	Low
9/21/2020	Pounds	565	570	565	570	Low
9/21/2020	Euro	525	530	525	530	Low
9/18/2020	Dollar	450	460	450	460	Low
9/18/2020	Pounds	575	595	575	595	Low
9/18/2020	Euro	535	540	535	540	Low
9/17/2020	Dollar	455	460	455	460	Low
9/17/2020	Pounds	570	580	570	580	Low
9/17/2020	Euro	530	535	530	535	Low
9/16/2020	Dollar	450	460	450	460	Low
9/16/2020	Pounds	565	570	565	570	Low
9/16/2020	Euro	525	530	525	530	Low
9/15/2020	Dollar	450	460	450	460	Low
9/15/2020	Pounds	565	570	565	570	Low
9/15/2020	Euro	525	530	525	530	Low
9/14/2020	Dollar	445	455	445	455	Low
9/14/2020	Pounds	560	575	560	575	Low
9/14/2020	Euro	515	525	515	525	Low
09/11/2020	Dollar	450	455	450	455	Low
09/11/2020	Pounds	555	565	555	565	Low
09/11/2020	Euro	525	530	525	530	Low
09/10/2020	Dollar	455	460	455	460	Low
09/10/2020	Pounds	545	560	545	560	Low
09/10/2020	Euro	525	530	525	530	Low
09/09/2020	Dollar	430	440	430	440	Low
09/09/2020	Pounds	540	555	540	555	Low
09/09/2020	Euro	500	510	500	510	Low
09/08/2020	Dollar	435	440	435	440	Low
09/08/2020	Pounds	540	550	540	550	Low
09/08/2020	Euro	505	515	505	515	Low
09/07/2020	Dollar	435	440	435	440	Low
09/07/2020	Pounds	525	530	525	530	Low
09/07/2020	Euro	505	515	505	515	Low
09/04/2020	Dollar	425	440	425	440	Low
09/04/2020	Pounds	560	580	560	580	Low
09/04/2020	Euro	505	515	505	515	Low
09/03/2020	Dollar	425	440	425	440	Low
09/03/2020	Pounds	560	580	560	580	Low
09/03/2020	Euro	520	535	505	515	High
09/02/2020	Dollar	425	440	425	440	Low
09/02/2020	Pounds	570	580	560	580	Low
09/02/2020	Euro	535	540	520	535	Low
09/01/2020	Dollar	462	465	435	440	High
09/01/2020	Pounds	565	575	570	580	Low
09/01/2020	Euro	535	540	535	540	Low
8/31/2020	Dollar	463	470	460	465	High
8/31/2020	Pounds	585	595	580	590	Low
8/31/2020	Euro	540	545	540	545	Low
8/28/2020	Dollar	472	477	472	477	Low
8/28/2020	Pounds	580	595	580	595	Low
8/28/2020	Euro	545	552	545	552	Low
8/27/2020	Dollar	472	477	472	477	Low
8/27/2020	Pounds	580	590	580	590	Low
8/27/2020	Euro	542	552	542	552	Low
8/26/2020	Dollar	472	477	472	477	Low
8/26/2020	Pounds	580	590	580	590	Low
8/26/2020	Euro	542	552	542	552	Low
8/25/2020	Dollar	472	477	472	477	Low
8/25/2020	Pounds	575	585	575	585	Low
8/25/2020	Euro	542	552	542	552	Low
8/24/2020	Dollar	473	477	473	477	Low
8/24/2020	Pounds	580	590	580	590	Low
8/24/2020	Euro	542	550	542	550	Low
8/21/2020	Dollar	474	477	474	477	Low
8/21/2020	Pounds	575	585	575	585	Low
8/21/2020	Euro	545	550	545	550	Low
8/20/2020	Dollar	475	478	473	477	Low
8/20/2020	Pounds	575	585	575	585	Low
8/20/2020	Euro	540	550	540	550	Low
8/19/2020	Dollar	475	480	475	480	Low
8/19/2020	Pounds	575	585	575	585	Low
8/19/2020	Euro	540	550	540	550	Low
8/18/2020	Dollar	477	480	477	480	Low
8/18/2020	Pounds	575	580	575	580	Low
8/18/2020	Euro	545	550	545	550	Low
8/17/2020	Dollar	470	475	470	475	Low
8/17/2020	Pounds	580	590	580	590	Low
8/17/2020	Euro	525	535	525	535	Low
8/14/2020	Dollar	470	475	470	475	Low
8/14/2020	Pounds	570	580	570	580	Low
8/14/2020	Euro	525	535	520	535	Low
8/13/2020	Dollar	470	475	470	475	Low
8/13/2020	Pounds	570	575	565	575	Low
8/13/2020	Euro	525	530	520	530	Low
08/12/2020	Dollar	470	475	470	475	Low
08/12/2020	Pounds	570	575	570	575	Low
08/12/2020	Euro	520	530	520	530	Low
08/11/2020	Dollar	477	485	477	485	Low
08/11/2020	Pounds	572	584	572	584	Low
08/11/2020	Euro	510	523	520	535	Low
08/10/2020	Dollar	477	485	477	485	Low
08/10/2020	Pounds	572	584	572	584	Low
08/10/2020	Euro	510	523	520	535	High
08/07/2020	Dollar	475	486	475	486	Low
08/07/2020	Pounds	578	585	578	585	Low
08/07/2020	Euro	536	550	536	550	Low
08/06/2020	Dollar	470	480	475	486	Low
08/06/2020	Pounds	575	587	578	585	Low
08/06/2020	Euro	534	545	536	550	Low
08/05/2020	Dollar	465	475	473	483	Low
08/05/2020	Pounds	570	580	575	587	Low
08/05/2020	Euro	525	540	532	545	Low
08/04/2020	Dollar	470	480	470	480	Low
08/04/2020	Pounds	560	570	560	570	Low
08/04/2020	Euro	520	530	520	530	Low
08/03/2020	Dollar	470	480	470	480	Low
08/03/2020	Pounds	560	570	560	570	Low
08/03/2020	Euro	520	530	520	530	Low
7/31/2020	Dollar	470	480	470	485	High
7/31/2020	Pounds	570	582	575	585	Low
7/31/2020	Euro	500	520	505	520	Low
7/30/2020	Dollar	470	490	470	485	High
7/30/2020	Pounds	550	570	550	580	High
7/30/2020	Euro	495	520	500	525	High
7/29/2020	Dollar	468	475	467	475	Low
7/29/2020	Pounds	575	585	580	590	Low
7/29/2020	Euro	530	540	530	545	Low
7/28/2020	Dollar	469	475	467	475	Low
7/28/2020	Pounds	575	593	580	595	Low
7/28/2020	Euro	550	560	540	550	Low
7/27/2020	Dollar	465	473	466	473	Low
7/27/2020	Pounds	570	580	575	583	Low
7/27/2020	Euro	510	520	515	530	Low
7/24/2020	Dollar	465	472	464	472	Low
7/24/2020	Pounds	570	580	572	582	Low
7/24/2020	Euro	510	520	505	520	Low
7/23/2020	Dollar	460	472	465	472	Low
7/23/2020	Pounds	565	575	565	580	Low
7/23/2020	Euro	510	520	505	520	Low
7/22/2020	Dollar	465	472	465	472	Low
7/22/2020	Pounds	565	575	560	578	Low
7/22/2020	Euro	510	525	510	528	Low
7/21/2020	Dollar	461	472	462	472	Low
7/21/2020	Pounds	560	573	560	575	Low
7/21/2020	Euro	498	515	500	520	Low
7/20/2020	Dollar	460	473	462	473	Low
7/20/2020	Pounds	550	570	555	575	Low
7/20/2020	Euro	495	505	500	510	Low
7/17/2020	Dollar	462	470	460	470	Low
7/17/2020	Pounds	560	570	558	570	Low
7/17/2020	Euro	490	500	490	500	Low
7/16/2020	Dollar	460	470	460	470	Low
7/16/2020	Pounds	558	565	560	570	Low
7/16/2020	Euro	485	495	485	499	Low
7/15/2020	Dollar	455	465	455	470	Low
7/15/2020	Pounds	560	565	558	570	Low
7/15/2020	Euro	485	495	488	498	Low
7/14/2020	Dollar	448	462	455	470	Low
7/14/2020	Pounds	540	550	557	570	Low
7/14/2020	Euro	485	495	489	498	Low
7/13/2020	Dollar	450	460	448	462	Low
7/13/2020	Pounds	540	550	540	550	Low
7/13/2020	Euro	485	495	485	495	Low
07/10/2020	Dollar	453	460	458	465	Low
07/10/2020	Pounds	520	525	550	555	High
07/10/2020	Euro	465	467	510	520	High
07/09/2020	Dollar	455	461	455	463	Low
07/09/2020	Pounds	550	558	550	562	Low
07/09/2020	Euro	495	504	498	505	Low
07/08/2020	Dollar	455	461	455	461	Low
07/08/2020	Pounds	550	558	550	558	Low
07/08/2020	Euro	495	504	495	504	Low
07/07/2020	Dollar	455	461	455	461	Low
07/07/2020	Pounds	550	558	550	558	Low
07/07/2020	Euro	495	502	495	502	Low
07/06/2020	Dollar	455	462	455	461	Low
07/06/2020	Pounds	550	562	547	555	Low
07/06/2020	Euro	495	502	496	502	Low
07/03/2020	Dollar	455	462	454	461	Low
07/03/2020	Pounds	548	560	550	560	Low
07/03/2020	Euro	495	505	495	502	Low
07/02/2020	Dollar	455	462	454	461	Low
07/02/2020	Pounds	548	560	550	560	Low
07/02/2020	Euro	495	505	495	502	Low
07/01/2020	Dollar	455	462	455	462	Low
07/01/2020	Pounds	548	560	548	560	Low
07/01/2020	Euro	495	505	495	505	Low
6/30/2020	Dollar	452	460	452	460	Low
6/30/2020	Pounds	547	560	547	560	Low
6/30/2020	Euro	495	505	495	505	Low
6/29/2020	Dollar	450	460	450	460	Low
6/29/2020	Pounds	547	560	547	560	Low
6/29/2020	Euro	495	505	495	505	Low
6/26/2020	Dollar	452	457	452	460	Low
6/26/2020	Pounds	547	557	547	560	Low
6/26/2020	Euro	490	498	490	502	Low
6/25/2020	Dollar	452	457	450	455	Low
6/25/2020	Pounds	547	557	547	560	Low
6/25/2020	Euro	490	498	490	499	Low
6/24/2020	Dollar	450	460	450	455	Low
6/24/2020	Pounds	545	555	545	555	Low
6/24/2020	Euro	490	495	488	498	Low
6/23/2020	Dollar	450	460	445	455	Low
6/23/2020	Pounds	545	555	545	555	Low
6/23/2020	Euro	490	495	490	495	Low
6/22/2020	Dollar	450	455	450	455	Low
6/22/2020	Pounds	545	555	545	555	Low
6/22/2020	Euro	488	498	488	498	Low
6/19/2020	Dollar	445	455	445	455	Low
6/19/2020	Pounds	540	553	540	553	Low
6/19/2020	Euro	480	490	480	490	Low
6/18/2020	Dollar	445	452	445	452	Low
6/18/2020	Pounds	537	550	537	550	Low
6/18/2020	Euro	475	490	475	490	Low
6/17/2020	Dollar	445	452	445	452	Low
6/17/2020	Pounds	540	553	537	550	Low
6/17/2020	Euro	475	490	475	490	Low
6/16/2020	Dollar	440	450	445	452	Low
6/16/2020	Pounds	540	550	540	553	Low
6/16/2020	Euro	475	485	475	490	Low
6/15/2020	Dollar	440	450	440	450	Low
6/15/2020	Pounds	540	550	540	550	Low
6/15/2020	Euro	475	485	475	485	Low
06/12/2020	Dollar	440	450	440	450	Low
06/12/2020	Pounds	538	550	538	550	Low
06/12/2020	Euro	470	485	470	485	Low
06/11/2020	Pounds	538	550	538	550	Low
06/11/2020	Dollar	440	450	440	450	Low
06/11/2020	Euro	470	485	470	485	Low
06/10/2020	Pounds	538	550	540	553	Low
06/10/2020	Dollar	440	450	445	452	Low
06/10/2020	Euro	470	485	475	490	Low
06/09/2020	Pounds	538	550	540	550	Low
06/09/2020	Dollar	440	450	440	450	Low
06/09/2020	Euro	470	485	475	485	Low
06/08/2020	Pounds	540	550	540	550	Low
06/08/2020	Dollar	440	450	440	450	Low
06/08/2020	Euro	475	485	475	485	Low
06/05/2020	Pounds	535	545	535	545	Low
06/05/2020	Dollar	440	450	440	450	Low
06/05/2020	Euro	460	472	460	472	Low
06/04/2020	Pounds	530	543	530	543	Low
06/04/2020	Dollar	440	447	440	447	Low
06/04/2020	Euro	460	470	460	470	Low
06/03/2020	Pounds	530	540	530	540	Low
06/03/2020	Dollar	440	445	440	445	Low
06/03/2020	Euro	460	470	460	470	Low
06/02/2020	Pounds	535	545	535	545	Low
06/02/2020	Dollar	440	450	440	450	Low
06/02/2020	Euro	460	472	460	472	Low
06/01/2020	Pounds	530	543	530	543	Low
06/01/2020	Dollar	440	447	440	447	Low
06/01/2020	Euro	460	470	460	470	Low
5/29/2020	Pounds	530	540	530	540	Low
5/29/2020	Dollar	440	445	440	445	Low
5/29/2020	Euro	460	470	460	470	Low
5/28/2020	Pounds	535	545	535	545	Low
5/28/2020	Dollar	440	450	440	450	Low
5/28/2020	Euro	460	472	460	472	Low
5/27/2020	Pounds	530	543	530	543	Low
5/27/2020	Dollar	440	447	440	447	Low
5/27/2020	Euro	460	470	460	470	Low
5/26/2020	Pounds	530	540	530	540	Low
5/26/2020	Dollar	440	445	440	445	Low
5/26/2020	Euro	460	470	460	470	Low
5/25/2020	Pounds	535	545	535	545	Low
5/25/2020	Dollar	440	450	440	450	Low
5/25/2020	Euro	460	472	460	472	Low
5/22/2020	Pounds	530	543	530	543	Low
5/22/2020	Dollar	440	447	440	447	Low
5/22/2020	Euro	460	470	460	470	Low
5/21/2020	Pounds	530	545	530	545	Low
5/21/2020	Dollar	450	460	450	460	Low
5/21/2020	Euro	460	470	460	470	Low
5/20/2020	Pounds	530	550	530	550	Low
5/20/2020	Dollar	445	460	445	460	Low
5/20/2020	Euro	450	470	450	470	Low
5/19/2020	Pounds	528	540	528	540	Low
5/19/2020	Dollar	445	460	445	460	Low
5/19/2020	Euro	450	465	450	465	Low
5/18/2020	Pounds	528	540	528	540	Low
5/18/2020	Dollar	445	460	445	460	Low
5/18/2020	Euro	450	465	450	465	Low
5/15/2020	Pounds	530	540	525	535	Low
5/15/2020	Dollar	435	450	440	455	Low
5/15/2020	Euro	450	460	450	465	Low
5/14/2020	Pounds	530	540	530	540	Low
5/14/2020	Dollar	435	450	435	450	Low
5/14/2020	Euro	450	460	450	460	Low
5/13/2020	Pounds	525	535	525	535	Low
5/13/2020	Dollar	430	450	430	450	Low
5/13/2020	Euro	440	455	440	455	Low
05/12/2020	Pounds	525	535	525	535	Low
05/12/2020	Dollar	435	450	435	450	Low
05/12/2020	Euro	445	455	445	455	Low
05/11/2020	Pounds	510	530	525	535	Low
05/11/2020	Dollar	430	445	435	445	Low
05/11/2020	Euro	440	450	445	455	Low
05/08/2020	Pounds	510	530	510	530	Low
05/08/2020	Dollar	425	437	430	445	Low
05/08/2020	Euro	425	440	440	450	Low
05/07/2020	Pounds	510	530	510	530	Low
05/07/2020	Dollar	425	437	425	437	Low
05/07/2020	Euro	425	440	425	440	Low
05/06/2020	Pounds	510	520	510	520	Low
05/06/2020	Dollar	425	437	425	437	Low
05/06/2020	Euro	430	450	430	450	Low
05/05/2020	Pounds	510	525	510	525	Low
05/05/2020	Dollar	410	430	420	430	Low
05/05/2020	Euro	425	435	425	435	Low
05/04/2020	Pounds	500	510	510	525	Low
05/04/2020	Dollar	435	450	410	430	Low
05/04/2020	Euro	430	440	425	435	Low
05/01/2020	Pounds	500	510	500	510	Low
05/01/2020	Dollar	435	450	435	450	Low
05/01/2020	Euro	430	445	430	445	Low
4/30/2020	Pounds	500	510	500	510	Low
4/30/2020	Dollar	435	450	435	450	Low
4/30/2020	Euro	430	445	430	445	Low
4/29/2020	Pounds	500	520	500	520	Low
4/29/2020	Dollar	440	460	440	460	Low
4/29/2020	Euro	450	465	450	465	Low
4/28/2020	Pounds	495	510	500	520	Low
4/28/2020	Dollar	430	450	440	460	Low
4/28/2020	Euro	435	450	435	450	Low
4/27/2020	Pounds	495	510	495	510	Low
4/27/2020	Dollar	430	450	430	450	Low
4/27/2020	Euro	435	450	435	450	Low
4/24/2020	Pounds	490	500	490	500	Low
4/24/2020	Dollar	428	450	428	450	Low
4/24/2020	Euro	430	440	430	440	Low
4/23/2020	Pounds	490	500	490	500	Low
4/23/2020	Dollar	420	430	420	430	Low
4/23/2020	Euro	425	435	425	435	Low
4/22/2020	Pounds	490	500	490	500	Low
4/22/2020	Dollar	420	425	420	430	Low
4/22/2020	Euro	425	435	425	435	Low
4/21/2020	Pounds	490	500	490	500	Low
4/21/2020	Dollar	420	430	420	430	Low
4/21/2020	Euro	425	435	425	435	Low
4/20/2020	Pounds	490	500	490	500	Low
4/20/2020	Dollar	420	430	420	430	Low
4/20/2020	Euro	425	435	425	435	Low
4/17/2020	Pounds	490	500	490	500	Low
4/17/2020	Dollar	420	430	420	430	Low
4/17/2020	Euro	425	435	425	435	Low
4/16/2020	Pounds	490	500	490	500	Low
4/16/2020	Dollar	420	430	420	430	Low
4/16/2020	Euro	425	435	425	435	Low
4/15/2020	Pounds	490	500	490	500	Low
4/15/2020	Dollar	420	430	420	430	Low
4/15/2020	Euro	425	435	425	435	Low
4/14/2020	Pounds	490	500	490	500	Low
4/14/2020	Dollar	420	430	420	430	Low
4/14/2020	Euro	425	435	425	435	Low
4/13/2020	Pounds	490	500	490	500	Low
4/13/2020	Dollar	420	430	420	430	Low
4/13/2020	Euro	425	435	425	435	Low
04/10/2020	Pounds	490	505	490	505	Low
04/10/2020	Dollar	420	430	420	430	Low
04/10/2020	Euro	425	435	425	435	Low
04/09/2020	Pounds	490	505	490	505	Low
04/09/2020	Dollar	420	430	420	430	Low
04/09/2020	Euro	425	435	425	435	Low
04/08/2020	Pounds	490	500	490	500	Low
04/08/2020	Dollar	420	430	420	430	Low
04/08/2020	Euro	425	435	425	435	Low
04/07/2020	Pounds	490	500	490	500	Low
04/07/2020	Dollar	420	430	420	430	Low
04/07/2020	Euro	425	435	425	435	Low
04/06/2020	Pounds	492	497	492	497	Low
04/06/2020	Dollar	402	412	402	412	Low
04/06/2020	Euro	410	415	410	415	Low
04/03/2020	Pounds	485	490	492	497	Low
04/03/2020	Dollar	400	410	402	412	Low
04/03/2020	Euro	410	415	410	415	Low
04/02/2020	Pounds	485	490	485	490	Low
04/02/2020	Dollar	400	410	400	410	Low
04/02/2020	Euro	410	415	410	415	Low
04/01/2020	Pounds	480	485	480	485	Low
04/01/2020	Dollar	395	400	395	400	Low
04/01/2020	Euro	407	412	407	412	Low
3/31/2020	Pounds	480	485	480	485	Low
3/31/2020	Dollar	395	400	395	400	Low
3/31/2020	Euro	407	412	407	412	Low
3/30/2020	Pounds	480	485	480	485	Low
3/30/2020	Dollar	390	395	395	400	Low
3/30/2020	Euro	407	412	407	412	Low
3/27/2020	Pounds	480	485	480	485	Low
3/27/2020	Dollar	385	390	390	395	Low
3/27/2020	Euro	405	410	407	412	Low
3/26/2020	Pounds	480	485	480	485	Low
3/26/2020	Dollar	385	390	385	390	Low
3/26/2020	Euro	405	410	405	410	Low
3/25/2020	Pounds	475	480	480	485	Low
3/25/2020	Dollar	380	385	385	390	Low
3/25/2020	Euro	400	405	405	410	Low
3/24/2020	Pounds	475	480	475	480	Low
3/24/2020	Dollar	380	385	380	385	Low
3/24/2020	Euro	400	405	400	405	Low
3/23/2020	Pounds	474	478	474	478	Low
3/23/2020	Dollar	380	385	380	385	Low
3/23/2020	Euro	400	403	400	403	Low
3/20/2020	Pounds	475	480	475	480	Low
3/20/2020	Dollar	370	375	365	367	Low
3/20/2020	Euro	395	400	395	400	Low
3/19/2020	Pounds	475	480	475	480	Low
3/19/2020	Dollar	370	375	370	375	Low
3/19/2020	Euro	395	400	395	400	Low
3/18/2020	Pounds	471	475	471	475	Low
3/18/2020	Dollar	370	375	370	375	Low
3/18/2020	Euro	390	395	390	395	Low
3/17/2020	Pounds	470	475	470	475	Low
3/17/2020	Dollar	375	380	375	380	Low
3/17/2020	Euro	400	403	400	403	Low
3/16/2020	Pounds	470	475	470	475	Low
3/16/2020	Dollar	370	375	370	375	Low
3/16/2020	Euro	400	403	400	403	Low
3/13/2020	Pounds	470	475	470	475	Low
3/13/2020	Dollar	372	377	372	377	Low
3/13/2020	Euro	400	403	400	403	Low
03/12/2020	Pounds	475	485	490	495	High
03/12/2020	Dollar	365	380	375	404	High
03/12/2020	Euro	405	412	410	420	Low
03/11/2020	Pounds	470	475	475	485	Low
03/11/2020	Dollar	360	366	365	375	Low
03/11/2020	Euro	387	403	405	412	Low
03/10/2020	Pounds	468	472	470	475	Low
03/10/2020	Dollar	358	360	360	362	Low
03/10/2020	Euro	390	398	387	403	Low
03/09/2020	Pounds	468	472	468	472	Low
03/09/2020	Dollar	358	360	358	360	Low
03/09/2020	Euro	392	398	392	398	Low
03/06/2020	Pounds	468	472	468	472	Low
03/06/2020	Dollar	358	360	358	360	Low
03/06/2020	Euro	390	398	390	398	Low
03/05/2020	Pounds	468	472	468	472	Low
03/05/2020	Dollar	358	360	358	360	Low
03/05/2020	Euro	390	397	390	397	Low
03/04/2020	Pounds	468	473	468	473	Low
03/04/2020	Dollar	358	360	358	360	Low
03/04/2020	Euro	387	392	387	392	Low
03/03/2020	Pounds	468	472	468	472	Low
03/03/2020	Dollar	358	360	358	360	Low
03/03/2020	Euro	387	392	387	392	Low
03/02/2020	Pounds	468	472	468	472	Low
03/02/2020	Dollar	358	360	358	360	Low
03/02/2020	Euro	387	392	387	392	Low
2/28/2020	Pounds	468	472	468	472	Low
2/28/2020	Dollar	358	360	358	360	Low
2/28/2020	Euro	387	392	387	392	Low
2/27/2020	Pounds	467	471	468	472	Low
2/27/2020	Dollar	358	360	358	360	Low
2/27/2020	Euro	386	390	387	392	Low
2/26/2020	Pounds	468	472	467	471	Low
2/26/2020	Dollar	358	360	358	360	Low
2/26/2020	Euro	386	390	386	390	Low
2/25/2020	Pounds	467	472	468	472	Low
2/25/2020	Dollar	358	360	358	360	Low
2/25/2020	Euro	388	392	386	390	Low
2/24/2020	Pounds	467	472	467	472	Low
2/24/2020	Dollar	358	360	358	360	Low
2/24/2020	Euro	388	392	388	393	Low
2/21/2020	Pounds	467	473	468	473	Low
2/21/2020	Dollar	358	360	358	360	Low
2/21/2020	Euro	388	392	388	392	Low
2/20/2020	Pounds	467	473	467	473	Low
2/20/2020	Dollar	358	360	358	360	Low
2/20/2020	Euro	388	392	388	392	Low
2/19/2020	Pounds	467	473	467	473	Low
2/19/2020	Dollar	358	360	358	360	Low
2/19/2020	Euro	390	394	390	394	Low
2/18/2020	Pounds	467	473	467	473	Low
2/18/2020	Dollar	358	360	358	360	Low
2/18/2020	Euro	390	394	390	394	Low
2/17/2020	Pounds	469	473	467	474	Low
2/17/2020	Dollar	358	360	358	360	Low
2/17/2020	Euro	390	394	390	394	Low
2/14/2020	Pounds	469	473	469	473	Low
2/14/2020	Dollar	358	360	358	360	Low
2/14/2020	Euro	390	394	390	394	Low
2/13/2020	Pounds	470	475	470	475	Low
2/13/2020	Dollar	358	360	358	360	Low
2/13/2020	Euro	390	396	390	396	Low
02/12/2020	Pounds	470	475	470	475	Low
02/12/2020	Dollar	358	360	358	360	Low
02/12/2020	Euro	390	396	390	396	Low
02/11/2020	Pounds	470	475	470	475	Low
02/11/2020	Dollar	358	360	358	360	Low
02/11/2020	Euro	390	396	390	396	Low
02/10/2020	Pounds	470	475	470	475	Low
02/10/2020	Dollar	358	360	358	360	Low
02/10/2020	Euro	390	396	390	396	Low
02/07/2020	Pounds	471	475	471	475	Low
02/07/2020	Dollar	358	360	358	360	Low
02/07/2020	Euro	390	396	392	396	Low
02/06/2020	Pounds	473	476	473	476	Low
02/06/2020	Dollar	358	360	358	360	Low
02/06/2020	Euro	392	397	392	397	Low
02/05/2020	Pounds	473	476	473	476	Low
02/05/2020	Dollar	358	360	358	360	Low
02/05/2020	Euro	393	397	393	397	Low
02/04/2020	Pounds	473	476	473	476	Low
02/04/2020	Dollar	358	360	358	360	Low
02/04/2020	Euro	393	397	393	397	Low
02/03/2020	Pounds	473	476	473	476	Low
02/03/2020	Dollar	358	360	358	360	Low
02/03/2020	Euro	393	397	393	397	Low
1/31/2020	Pounds	473	476	473	476	Low
1/31/2020	Dollar	358	360	358	360	Low
1/31/2020	Euro	393	397	393	397	Low
1/30/2020	Pounds	472	478	472	476	Low
1/30/2020	Dollar	358	361	358	360	Low
1/30/2020	Euro	394	398	394	398	Low
1/29/2020	Pounds	472	476	472	476	Low
1/29/2020	Dollar	358	360	358	360	Low
1/29/2020	Euro	394	398	394	398	Low
1/28/2020	Pounds	472	476	472	476	Low
1/28/2020	Dollar	358	360	358	360	Low
1/28/2020	Euro	394	398	394	398	Low
1/27/2020	Pounds	473	476	473	476	Low
1/27/2020	Dollar	358	360	358	360	Low
1/27/2020	Euro	394	398	394	398	Low
1/24/2020	Pounds	474	478	474	478	Low
1/24/2020	Dollar	358	362	358	362	Low
1/24/2020	Euro	395	400	395	400	Low
1/23/2020	Pounds	474	478	474	478	Low
1/23/2020	Dollar	358	362	358	362	Low
1/23/2020	Euro	395	400	395	400	Low
1/22/2020	Pounds	474	478	474	478	Low
1/22/2020	Dollar	359	362	359	362	Low
1/22/2020	Euro	394	398	394	398	Low
1/21/2020	Pounds	473	477	475	479	Low
1/21/2020	Dollar	360	362	359	362	Low
1/21/2020	Euro	395	400	395	400	Low
1/20/2020	Pounds	473	477	473	477	Low
1/20/2020	Dollar	360	362	360	362	Low
1/20/2020	Euro	395	400	395	400	Low
1/17/2020	Pounds	473	477	473	477	Low
1/17/2020	Dollar	360	362	360	362	Low
1/17/2020	Euro	395	400	395	400	Low
1/16/2020	Pounds	457	480	474	477	Low
1/16/2020	Dollar	360	362	360	362	Low
1/16/2020	Euro	397	403	395	400	Low
1/15/2020	Pounds	475	480	475	480	Low
1/15/2020	Dollar	360	362	360	362	Low
1/15/2020	Euro	397	402	397	402	Low
1/14/2020	Pounds	470	475	474	480	Low
1/14/2020	Dollar	359	362	360	362	Low
1/14/2020	Euro	397	402	397	400	Low
1/13/2020	Pounds	470	477	470	475	Low
1/13/2020	Dollar	359	362	359	362	Low
1/13/2020	Euro	397	403	397	402	Low
01/10/2020	Pounds	470	475	470	475	Low
01/10/2020	Dollar	359	362	359	362	Low
01/10/2020	Euro	397	402	397	402	Low
01/09/2020	Pounds	470	475	470	475	Low
01/09/2020	Dollar	359	362	359	362	Low
01/09/2020	Euro	397	403	397	403	Low
01/08/2020	Pounds	470	475	470	475	Low
01/08/2020	Dollar	359	362	359	362	Low
01/08/2020	Euro	397	403	397	403	Low
01/07/2020	Pounds	470	477	470	477	Low
01/07/2020	Dollar	359	362	359	362	Low
01/07/2020	Euro	397	403	397	403	Low
01/06/2020	Pounds	468	473	470	477	Low
01/06/2020	Dollar	359	362	359	362	Low
01/06/2020	Euro	392	400	397	403	Low
01/03/2020	Pounds	468	473	468	473	Low
01/03/2020	Dollar	359	362	359	362	Low
01/03/2020	Euro	390	400	390	400	Low
01/02/2020	Pounds	467	473	467	473	Low
01/02/2020	Dollar	359	362	359	362	Low
01/02/2020	Euro	392	400	392	400	Low
12/24/2019	Pounds	468	474	468	474	Low
12/24/2019	Dollar	358	361	358	361	Low
12/24/2019	Euro	390	395	390	395	Low
12/23/2019	Pounds	474	478	474	478	Low
12/23/2019	Dollar	359	362	359	362	Low
12/23/2019	Euro	395	400	395	400	Low
12/20/2019	Pounds	474	480	474	480	Low
12/20/2019	Dollar	359	363	359	363	Low
12/20/2019	Euro	395	401	395	401	Low
12/19/2019	Pounds	472	480	472	480	Low
12/19/2019	Dollar	359	363	359	363	Low
12/19/2019	Euro	395	401	395	401	Low
12/18/2019	Pounds	472	480	472	480	Low
12/18/2019	Dollar	360	363	359	363	Low
12/18/2019	Euro	395	400	395	400	Low
12/17/2019	Pounds	470	477	472	477	Low
12/17/2019	Dollar	360	363	360	363	Low
12/17/2019	Euro	394	398	394	398	Low
12/16/2019	Pounds	470	475	470	477	Low
12/16/2019	Dollar	359	363	360	363	Low
12/16/2019	Euro	394	398	394	398	Low
12/13/2019	Pounds	470	480	470	476	Low
12/13/2019	Dollar	359	362	359	363	Low
12/13/2019	Euro	394	398	394	398	Low
12/12/2019	Pounds	464	472	464	472	Low
12/12/2019	Dollar	358	360	359	361	Low
12/12/2019	Euro	392	397	392	397	Low
12/11/2019	Pounds	463	470	464	472	Low
12/11/2019	Dollar	358	360	358	360	Low
12/11/2019	Euro	393	397	392	397	Low
12/10/2019	Pounds	462	468	463	470	Low
12/10/2019	Dollar	358	360	358	360	Low
12/10/2019	Euro	392	397	393	397	Low
12/09/2019	Pounds	462	468	462	468	Low
12/09/2019	Dollar	358	360	358	360	Low
12/09/2019	Euro	392	397	392	397	Low
12/06/2019	Pounds	462	467	463	468	Low
12/06/2019	Dollar	358	360	358	360	Low
12/06/2019	Euro	390	396	390	396	Low
12/05/2019	Pounds	462	467	462	467	Low
12/05/2019	Dollar	358	360	358	360	Low
12/05/2019	Euro	390	396	390	396	Low
12/04/2019	Pounds	460	466	460	466	Low
12/04/2019	Dollar	358	360	358	360	Low
12/04/2019	Euro	390	396	390	396	Low
12/03/2019	Pounds	460	465	460	465	Low
12/03/2019	Dollar	358	360	358	360	Low
12/03/2019	Euro	390	396	390	396	Low
12/02/2019	Pounds	460	466	460	465	Low
12/02/2019	Dollar	358	360	358	360	Low
12/02/2019	Euro	390	395	390	395	Low
11/29/2019	Pounds	462	466	462	466	Low
11/29/2019	Dollar	358	360	358	360	Low
11/29/2019	Euro	390	395	392	397	Low
11/28/2019	Pounds	462	467	462	466	Low
11/28/2019	Dollar	358	360	358	360	Low
11/28/2019	Euro	390	395	390	395	Low
11/27/2019	Pounds	460	465	462	467	Low
11/27/2019	Dollar	358	360	358	360	Low
11/27/2019	Euro	391	396	390	395	Low
11/26/2019	Pounds	462	466	462	466	Low
11/26/2019	Dollar	358	360	358	360	Low
11/26/2019	Euro	390	395	390	395	Low
11/25/2019	Pounds	460	465	462	466	Low
11/25/2019	Dollar	358	360	358	360	Low
11/25/2019	Euro	390	398	390	395	Low
11/22/2019	Pounds	460	464	460	465	Low
11/22/2019	Dollar	357	360	358	360	Low
11/22/2019	Euro	390	398	390	398	Low
11/21/2019	Pounds	460	464	460	464	Low
11/21/2019	Dollar	357	360	357	360	Low
11/21/2019	Euro	390	397	390	397	Low
11/20/2019	Pounds	460	464	460	464	Low
11/20/2019	Dollar	358	360	358	360	Low
11/20/2019	Euro	390	398	390	397	Low
11/19/2019	Pounds	460	465	460	464	Low
11/19/2019	Dollar	358	360	358	360	Low
11/19/2019	Euro	392	398	390	398	Low
11/18/2019	Pounds	458	464	460	465	Low
11/18/2019	Dollar	358	360	358	360	Low
11/18/2019	Euro	390	398	392	398	Low
11/15/2019	Pounds	458	464	458	464	Low
11/15/2019	Dollar	358	360	358	360	Low
11/15/2019	Euro	392	398	393	398	Low
11/14/2019	Pounds	458	464	458	464	Low
11/14/2019	Dollar	358	360	358	360	Low
11/14/2019	Euro	390	398	392	398	Low
11/13/2019	Pounds	460	465	458	464	Low
11/13/2019	Dollar	358	360	358	360	Low
11/13/2019	Euro	392	398	392	398	Low
11/12/2019	Pounds	460	465	460	465	Low
11/12/2019	Dollar	358	360	358	360	Low
11/12/2019	Euro	394	399	394	399	Low
11/08/2019	Pounds	458	463	460	465	Low
11/08/2019	Dollar	358	360	358	360	Low
11/08/2019	Euro	393	398	394	400	Low
11/06/2019	Pounds	458	463	458	464	Low
11/06/2019	Dollar	357	360	357	360	Low
11/06/2019	Euro	393	400	393	400	Low
11/05/2019	Pounds	458	463	458	463	Low
11/05/2019	Dollar	357	360	357	360	Low
11/05/2019	Euro	393	400	393	400	Low
11/04/2019	Pounds	458	463	458	463	Low
11/04/2019	Dollar	357	360	357	360	Low
11/04/2019	Euro	392	400	393	400	Low
11/01/2019	Pounds	458	463	458	463	Low
11/01/2019	Dollar	358	360	358	360	Low
11/01/2019	Euro	393	400	394	400	Low
10/31/2019	Pounds	460	464	458	463	Low
10/31/2019	Dollar	358	360	358	360	Low
10/31/2019	Euro	395	400	393	400	Low
10/30/2019	Pounds	457	463	457	463	Low
10/30/2019	Dollar	358	360	358	360	Low
10/30/2019	Euro	395	400	395	400	Low
10/29/2019	Pounds	457	463	457	463	Low
10/29/2019	Dollar	358	360	358	360	Low
10/29/2019	Euro	395	400	395	400	Low
10/28/2019	Pounds	457	462	457	463	Low
10/28/2019	Dollar	358	360	358	360	Low
10/28/2019	Euro	396	402	395	400	Low
10/25/2019	Pounds	457	463	457	462	Low
10/25/2019	Dollar	358	360	358	360	Low
10/25/2019	Euro	396	403	396	402	Low
10/24/2019	Pounds	457	462	457	463	Low
10/24/2019	Dollar	358	360	358	360	Low
10/24/2019	Euro	396	403	396	403	Low
10/23/2019	Pounds	457	463	457	462	Low
10/23/2019	Dollar	358	360	358	360	Low
10/23/2019	Euro	397	403	396	403	Low
10/22/2019	Pounds	455	460	457	463	Low
10/22/2019	Dollar	358	360	358	360	Low
10/22/2019	Euro	395	402	397	403	Low
10/21/2019	Pounds	450	455	450	455	Low
10/21/2019	Dollar	358	360	358	360	Low
10/21/2019	Euro	387	395	390	397	Low
10/18/2019	Pounds	446	453	446	453	Low
10/18/2019	Dollar	358	360	358	360	Low
10/18/2019	Euro	387	393	387	393	Low
10/17/2019	Pounds	445	450	446	452	Low
10/17/2019	Dollar	358	360	358	360	Low
10/17/2019	Euro	387	392	387	393	Low
10/16/2019	Pounds	445	452	445	450	Low
10/16/2019	Dollar	358	360	358	360	Low
10/16/2019	Euro	387	395	387	392	Low
10/15/2019	Pounds	445	450	445	452	Low
10/15/2019	Dollar	357	360	358	360	Low
10/15/2019	Euro	385	390	385	390	Low
10/14/2019	Pounds	445	450	445	450	Low
10/14/2019	Dollar	358	360	357	360	Low
10/14/2019	Euro	384	390	385	390	Low
10/11/2019	Pounds	445	450	445	450	Low
10/11/2019	Dollar	358	360	358	360	Low
10/11/2019	Euro	384	390	384	390	Low
10/10/2019	Pounds	445	450	445	450	Low
10/10/2019	Dollar	357	360	357	360	Low
10/10/2019	Euro	386	390	384	390	Low
10/09/2019	Pounds	445	453	445	450	Low
10/09/2019	Dollar	357	360	357	360	Low
10/09/2019	Euro	390	395	386	390	Low
10/08/2019	Pounds	448	453	445	453	Low
10/08/2019	Dollar	357	360	357	360	Low
10/08/2019	Euro	390	395	390	395	Low
10/07/2019	Pounds	448	453	448	453	Low
10/07/2019	Dollar	358	360	358	360	Low
10/07/2019	Euro	392	396	390	395	Low
10/04/2019	Pounds	450	454	448	453	Low
10/04/2019	Dollar	358	360	358	360	Low
10/04/2019	Euro	392	397	392	396	Low
10/03/2019	Pounds	450	454	450	454	Low
10/03/2019	Dollar	358	360	358	360	Low
10/03/2019	Euro	392	397	392	397	Low
10/02/2019	Pounds	450	453	450	453	Low
10/02/2019	Dollar	358	360	358	360	Low
10/02/2019	Euro	392	397	392	397	Low
9/30/2019	Pounds	445	450	450	453	Low
9/30/2019	Dollar	358	360	358	360	Low
9/30/2019	Euro	392	397	392	397	Low
9/27/2019	Pounds	446	452	445	450	Low
9/27/2019	Dollar	357	360	358	360	Low
9/27/2019	Euro	392	396	392	397	Low
9/26/2019	Pounds	445	450	445	450	Low
9/26/2019	Dollar	357	360	357	360	Low
9/26/2019	Euro	390	395	392	396	Low
9/25/2019	Pounds	444	449	445	450	Low
9/25/2019	Dollar	357	360	357	360	Low
9/25/2019	Euro	390	394	390	395	Low
9/24/2019	Pounds	445	448	445	449	Low
9/24/2019	Dollar	357	360	357	360	Low
9/24/2019	Euro	390	395	390	395	Low
9/23/2019	Pounds	445	450	445	450	Low
9/23/2019	Dollar	357	360	357	360	Low
9/23/2019	Euro	392	395	392	396	Low
9/20/2019	Pounds	443	446	445	450	Low
9/20/2019	Dollar	357	360	357	360	Low
9/20/2019	Euro	392	395	392	395	Low
9/19/2019	Pounds	442	446	443	446	Low
9/19/2019	Dollar	357	360	357	360	Low
9/19/2019	Euro	390	395	391	394	Low
9/18/2019	Pounds	442	447	440	446	Low
9/18/2019	Dollar	357	360	357	360	Low
9/18/2019	Euro	390	395	390	395	Low
9/17/2019	Pounds	445	448	444	447	Low
9/17/2019	Dollar	358	360	358	360	Low
9/17/2019	Euro	394	398	393	397	Low
9/16/2019	Pounds	445	450	445	450	Low
9/16/2019	Dollar	357	360	357	360	Low
9/16/2019	Euro	394	400	394	400	Low
9/13/2019	Pounds	445	450	445	450	Low
9/13/2019	Dollar	357	360	357	360	Low
9/13/2019	Euro	394	398	394	398	Low
09/12/2019	Pounds	440	445	445	450	Low
09/12/2019	Dollar	357	360	357	360	Low
09/12/2019	Euro	393	398	394	398	Low
09/11/2019	Pounds	440	446	440	446	Low
09/11/2019	Dollar	358	360	358	360	Low
09/11/2019	Euro	392	395	392	398	Low
09/10/2019	Pounds	437	450	440	446	Low
09/10/2019	Dollar	356	360	358	360	Low
09/10/2019	Euro	388	397	392	395	Low
09/09/2019	Pounds	440	444	440	445	Low
09/09/2019	Dollar	358	360	358	360	Low
09/09/2019	Euro	390	396	390	395	Low
09/06/2019	Pounds	440	444	440	444	Low
09/06/2019	Dollar	358	360	358	360	Low
09/06/2019	Euro	392	398	390	396	Low
09/05/2019	Pounds	440	444	440	444	Low
09/05/2019	Dollar	357	360	358	360	Low
09/05/2019	Euro	392	398	392	397	Low
09/04/2019	Pounds	440	443	440	444	Low
09/04/2019	Dollar	357	360	358	360	Low
09/04/2019	Euro	392	398	392	397	Low
09/03/2019	Pounds	438	443	438	443	Low
09/03/2019	Dollar	357	360	357	360	Low
09/03/2019	Euro	392	397	392	398	Low
09/02/2019	Pounds	437	445	438	443	Low
09/02/2019	Dollar	357	360	357	360	Low
09/02/2019	Euro	391	396	392	397	Low
30/08/2019	Pounds	442	448	440	445	Low
30/08/2019	Dollar	358	360	358	360	Low
30/08/2019	Euro	392	398	395	398	Low
29/08/2019	Pounds	440	446	442	448	Low
29/08/2019	Dollar	358	360	358	360	Low
29/08/2019	Euro	392	398	392	398	Low
28/08/2019	Pounds	444	450	440	445	Low
28/08/2019	Dollar	358	360	358	360	Low
28/08/2019	Euro	392	396	392	398	Low
27/08/2019	Pounds	444	450	444	450	Low
27/08/2019	Dollar	358	360	358	360	Low
27/08/2019	Euro	394	400	393	398	Low
26/08/2019	Pounds	442	447	443	448	Low
26/08/2019	Dollar	358	360	358	360	Low
26/08/2019	Euro	392	397	393	397	Low
23/08/2019	Pounds	440	445	440	445	Low
23/08/2019	Dollar	358	360	358	360	Low
23/08/2019	Euro	390	397	390	397	Low
22/08/2019	Pounds	445	450	440	445	Low
22/08/2019	Dollar	357	359	358	360	Low
22/08/2019	Euro	393	398	390	397	Low
21/08/2019	Pounds	447	452	445	450	Low
21/08/2019	Dollar	358	360	357	359	Low
21/08/2019	Euro	392	398	393	398	Low
20/08/2019	Pounds	450	455	447	452	Low
20/08/2019	Dollar	358	360	358	360	Low
20/08/2019	Euro	395	400	392	398	Low
19/08/2019	Pounds	450	455	450	455	Low
19/08/2019	Dollar	358	360	358	360	Low
19/08/2019	Euro	395	400	395	400	Low
16/08/2019	Pounds	451	455	450	455	Low
16/08/2019	Dollar	357	360	358	360	Low
16/08/2019	Euro	397	402	395	400	Low
15/08/2019	Pounds	450	455	451	455	Low
15/08/2019	Dollar	357	360	357	360	Low
15/08/2019	Euro	398	403	397	402	Low
14/08/2019	Pounds	450	455	450	455	Low
14/08/2019	Dollar	357	360	357	360	Low
14/08/2019	Euro	398	403	398	403	Low
09/08/2019	Pounds	450	455	450	455	Low
09/08/2019	Dollar	357	360	357	360	Low
09/08/2019	Euro	398	404	398	403	Low
08/08/2019	Pounds	450	455	450	455	Low
08/08/2019	Dollar	357	360	357	360	Low
08/08/2019	Euro	398	403	398	404	Low
07/08/2019	Pounds	453	458	450	455	Low
07/08/2019	Dollar	357	360	357	360	Low
07/08/2019	Euro	398	403	398	403	Low
06/08/2019	Pounds	457	460	452	458	Low
06/08/2019	Dollar	358	360	357	360	Low
06/08/2019	Euro	400	404	400	403	Low
05/08/2019	Pounds	458	462	457	461	Low
05/08/2019	Dollar	358	360	358	360	Low
05/08/2019	Euro	400	405	400	405	Low
02/08/2019	Pounds	458	462	458	462	Low
02/08/2019	Dollar	358	360	358	360	Low
02/08/2019	Euro	400	405	400	405	Low
01/08/2019	Pounds	458	462	458	462	Low
01/08/2019	Dollar	358	360	358	360	Low
01/08/2019	Euro	402	405	402	405	Low
31/07/2019	Pounds	458	463	458	463	Low
31/07/2019	Dollar	358	360	358	360	Low
31/07/2019	Euro	403	407	403	407	Low
30/07/2019	Pounds	458	463	458	463	Low
30/07/2019	Dollar	358	360	358	360	Low
30/07/2019	Euro	403	407	403	407	Low
29/07/2019	Pounds	458	461	458	463	Low
29/07/2019	Dollar	358	360	358	360	Low
29/07/2019	Euro	402	406	403	407	Low
26/07/2019	Pounds	459	463	458	461	Low
26/07/2019	Dollar	358	361	358	360	Low
26/07/2019	Euro	403	406	401	405	Low
25/07/2019	Pounds	459	463	459	463	Low
25/07/2019	Dollar	358	361	358	361	Low
25/07/2019	Euro	403	407	403	406	Low
24/07/2019	Pounds	459	463	459	463	Low
24/07/2019	Dollar	358	361	358	361	Low
24/07/2019	Euro	404	407	403	407	Low
23/07/2019	Pounds	460	464	459	463	Low
23/07/2019	Dollar	359	361	358	361	Low
23/07/2019	Euro	406	410	404	407	Low
22/07/2019	Pounds	459	463	459	463	Low
22/07/2019	Dollar	358	360	359	361	Low
22/07/2019	Euro	406	410	406	410	Low
19/07/2019	Pounds	459	463	459	463	Low
19/07/2019	Pounds	358	360	358	360	Low
19/07/2019	Pounds	406	410	406	410	Low
18/07/2019	Pounds	458	462	459	463	Low
18/07/2019	Dollar	358	360	358	360	Low
18/07/2019	Euro	403	407	406	410	Low
17/07/2019	Pounds	458	462	458	462	Low
17/07/2019	Dollar	358	360	358	360	Low
17/07/2019	Euro	403	407	403	407	Low
16/07/2019	Pounds	460	463	458	462	Low
16/07/2019	Dollar	359	361	358	360	Low
16/07/2019	Euro	405	408	403	407	Low
13/07/2019	Pounds	460	464	460	463	Low
13/07/2019	Dollar	359	361	359	361	Low
13/07/2019	Euro	405	410	405	408	Low
12/07/2019	Pounds	458	463	460	464	Low
12/07/2019	Dollar	359	361	359	361	Low
12/07/2019	Euro	404	407	405	410	Low
11/07/2019	Pounds	458	463	458	462	Low
11/07/2019	Dollar	359	362	359	361	Low
11/07/2019	Euro	402	407	405	410	Low
10/07/2019	Pounds	458	463	458	463	Low
10/07/2019	Dollar	359	361	358	361	Low
10/07/2019	Euro	401	406	402	405	Low
09/07/2019	Pounds	458	465	457	465	Low
09/07/2019	Dollar	359	362	359	362	Low
09/07/2019	Euro	401	405	402	405	Low
08/07/2019	Pounds	458	463	460	465	Low
08/07/2019	Dollar	359	362	359	362	Low
08/07/2019	Euro	401	405	401	405	Low
05/07/2019	Pounds	458	463	458	463	Low
05/07/2019	Dollar	359	362	359	362	Low
05/07/2019	Euro	401	405	401	405	Low
04/07/2019	Pounds	458	463	458	463	Low
04/07/2019	Dollar	359	362	359	362	Low
04/07/2019	Euro	401	405	400	405	Low
03/07/2019	Pounds	458	464	458	463	Low
03/07/2019	Dollar	359	361	359	362	Low
03/07/2019	Euro	401	405	401	405	Low
02/07/2019	Pounds	458	462	458	463	Low
02/07/2019	Dollar	359	361	359	361	Low
02/07/2019	Euro	398	402	400	404	Low
01/07/2019	Pounds	458	462	458	462	Low
01/07/2019	Dollar	358	360	359	361	Low
01/07/2019	Euro	400	403	398	403	Low
28/06/2019	Pounds	457	460	457	462	Low
28/06/2019	Dollar	358	360	358	360	Low
28/06/2019	Euro	398	402	400	403	Low
27/06/2019	Pounds	458	462	458	462	Low
27/06/2019	Dollar	358	360	358	360	Low
27/06/2019	Euro	398	402	398	402	Low
26/06/2019	Pounds	458	463	458	462	Low
26/06/2019	Dollar	358	360	358	360	Low
26/06/2019	Euro	398	402	400	403	Low
25/06/2019	Pounds	458	464	458	464	Low
25/06/2019	Dollar	358	361	358	361	Low
25/06/2019	Euro	400	403	398	402	Low
24/06/2019	Pounds	458	464	460	465	Low
24/06/2019	Dollar	358	361	359	361	Low
24/06/2019	Euro	398	402	398	403	Low
21/06/2019	Pounds	460	465	458	464	Low
21/06/2019	Dollar	358	361	358	361	Low
21/06/2019	Euro	398	402	398	402	Low
20/06/2019	Pounds	460	465	468	462	Low
20/06/2019	Dollar	358	361	358	361	Low
20/06/2019	Euro	398	402	400	403	Low
19/06/2019	Pounds	460	465	460	465	Low
19/06/2019	Dollar	358	361	358	361	Low
19/06/2019	Euro	398	401	398	402	Low
18/06/2019	Pounds	460	465	462	465	Low
18/06/2019	Dollar	359	361	358	361	Low
18/06/2019	Euro	400	403	400	405	Low
17/06/2019	Pounds	462	467	462	468	Low
17/06/2019	Dollar	358	361	358	361	Low
17/06/2019	Euro	400	404	400	404	Low
14/06/2019	Pounds	426	467	426	467	Low
14/06/2019	Dollar	358	361	358	361	Low
14/06/2019	Euro	400	404	400	404	Low
13/06/2019	Pounds	467	471	462	467	Low
13/06/2019	Dollar	358	361	358	361	Low
13/06/2019	Euro	400	404	400	404	Low
12/06/2019	Pounds	468	471	467	471	Low
12/06/2019	Dollar	358	361	358	361	Low
12/06/2019	Euro	400	404	400	404	Low
11/06/2019	Pounds	465	470	467	471	Low
11/06/2019	Dollar	358	361	359	361	Low
11/06/2019	Euro	400	403	399	402	Low
10/06/2019	Pounds	468	472	468	472	Low
10/06/2019	Dollar	358	361	358	361	Low
10/06/2019	Euro	404	400	400	404	Low
07/06/2019	Pounds	469	473	467	471	Low
07/06/2019	Dollar	358	361	358	360	Low
07/06/2019	Euro	400	403	398	402	Low
06/06/2019	Pounds	468	472	465	470	Low
06/06/2019	Dollar	358	360	358	361	Low
06/06/2019	Euro	398	402	403	400	Low
03/06/2019	Pounds	468	472	468	472	Low
03/06/2019	Dollar	358	360	358	361	Low
03/06/2019	Euro	398	402	398	402	Low
31/05/2019	Pounds	465	470	470	474	Low
31/05/2019	Dollar	358	360	358	360	Low
31/05/2019	Euro	397	402	400	403	Low
30/05/2019	Pounds	470	474	470	474	Low
30/05/2019	Dollar	358	360	358	360	Low
30/05/2019	Euro	400	403	400	403	Low
28/05/2019	Pounds	470	474	470	474	Low
28/05/2019	Dollar	358	360	358	360	Low
28/05/2019	Euro	400	403	400	403	Low
27/05/2019	Pounds	470	474	470	474	Low
27/05/2019	Dollar	358	360	358	360	Low
27/05/2019	Euro	400	403	400	404	Low
24/05/2019	Pounds	470	474	470	474	Low
24/05/2019	Dollar	358	360	358	360	Low
24/05/2019	Euro	400	405	400	405	Low
23/05/2019	Pounds	470	474	472	475	Low
23/05/2019	Dollar	358	360	358	360	Low
23/05/2019	Euro	400	405	400	405	Low
22/05/2019	Pounds	472	475	472	475	Low
22/05/2019	Dollar	358	350	358	360	Low
22/05/2019	Euro	400	405	400	405	Low
21/05/2019	Pounds	472	475	472	473	Low
21/05/2019	Dollar	358	360	358	360	Low
21/05/2019	Euro	400	405	400	405	Low
20/05/2019	Pounds	472	475	472	475	Low
20/05/2019	Dollar	358	360	358	360	Low
20/05/2019	Euro	400	405	400	405	Low
17/05/2019	Pounds	472	475	472	475	Low
17/05/2019	Dollar	358	360	358	360	Low
17/05/2019	Euro	400	405	400	404	Low
16/05/2019	Pounds	472	475	472	475	Low
16/05/2019	Dollar	358	360	358	360	Low
16/05/2018	Euro	400	404	400	404	Low
15/05/2019	Pounds	470	475	470	475	Low
15/05/2019	Dollar	358	360	358	360	Low
15/05/2019	Euro	400	404	400	404	Low
13/05/2019	Pounds	470	475	470	475	Low
13/05/2019	Dollar	358	360	358	360	Low
13/05/2019	Euro	400	404	400	405	Low
10/05/2019	Pounds	470	475	470	475	Low
10/05/2019	Dollar	358	360	358	360	Low
10/05/2019	Euro	400	405	400	405	Low
09/05/2019	Pounds	470	475	470	475	Low
09/05/2019	Dollar	358	360	358	360	Low
09/05/2019	Euro	400	405	400	405	Low
29/04/2019	Pounds	470	475	470	475	Low
29/04/2019	Dollar	358	360	358	360	Low
29/04/2019	Euro	400	405	400	405	Low
26/04/2019	Pounds	470	475	470	475	Low
26/04/2019	Dollar	358	360	358	360	Low
26/04/2019	Euro	400	405	400	405	Low
25/04/2019	Pounds	470	475	470	475	Low
25/04/2019	Dollar	358	360	358	360	Low
25/04/2019	Euro	400	405	400	405	Low
24/04/2019	Pounds	470	475	472	476	Low
24/04/2019	Dollar	358	360	358	360	Low
24/04/2019	Euro	400	405	400	405	Low
23/04/2019	Pounds	474	478	472	476	Low
23/04/2019	Dollar	355	360	358	360	Low
23/04/2019	Euro	390	402	400	405	Low
22/04/2019	Pounds	472	476	472	476	Low
22/04/2019	Dollar	357	360	358	360	Low
22/04/2019	Euro	400	405	400	405	Low
19/04/2019	Pounds	467	471	470	475	Low
19/04/2019	Dollar	355	360	357	360	Low
19/04/2019	Euro	395	400	402	406	Low
18/04/2019	Pounds	470	475	470	475	Low
18/04/2019	Dollar	357	360	357	360	Low
18/04/2019	Euro	402	406	402	406	Low
17/04/2019	Pounds	470	475	470	475	Low
17/04/2019	Dollar	357	360	357	360	Low
17/04/2019	Euro	402	406	402	406	Low
16/04/2019	Pounds	465	470	470	475	Low
16/04/2019	Dollar	360	365	357	360	Low
16/04/2019	Euro	400	405	402	405	Low

Data is collated from various black market dealers on the mainland and island parts 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.

Currencies

Naira strengthens at forex market as CBN intervenes in the market

The Naira remained stable against the dollar to close at N483/$1 on Tuesday at the black market.

Published

10 hours ago

November 25, 2020

Chike Olisah

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%

Forex turnover dropped by 31.5%, as Nigeria’s exchange rate at the NAFEX window appreciated against the dollar to close at N385.50/$1 during intra-day trading on Tuesday, November 24.

Also, the naira remained stable against the dollar, closing at N483/$1 at the parallel market on Tuesday, November 24, 2020, as ABCON warns forex speculators against forcefully pushing for the devaluation of the naira to aid their illegal activities.

This is also as BDCs get another dollar allocation from CBN.

The CBN, a few days ago relaxed its earlier policy on banning third parties from having access to foreign exchange routed through Form M.

Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N483/$1 on Tuesday.

This was the same rate that it exchanged for on Monday, November 23.

The local currency had strengthened by about 7.8% within one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers.

This is to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.
The CBN has sold about $1 billion to BDCs since they resumed forex sales on Monday, September 7, 2020.
This was expected to inject more liquidity into the retail end of the foreign exchange market and discourage hoarding and speculation.
However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs.
The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.
Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

NAFEX: The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N385.50/$1.

This represents a 50 kobo gain when compared to the N386/$1 that it exchanged for on Monday, November 23.
The opening indicative rate was N385.96 to a dollar on Tuesday. This represents an 9 kobo gain when compared to the N386.05 that was recorded on Monday.
The N394.83 to a dollar was the highest rate during intra-day trading before it still closed at N386 to a dollar. It also sold for as low as N382/$1 during intra-day trading.
Forex turnover: Forex turnover at the Investor and Exporters (I&E) window declined by 31.5% on Thursday, November 19, 2020.
According to the data tracked by Nairametrics from FMDQ, forex turnover rose from $45.84 million on Monday, November 23, 2020, to $163.87 million on Tuesday, November 24b\, 2020.
The CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate their funds.
The drop in dollar supply after some trading days of improvement reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
Total forex trading at the NAFEX window in the month of September was about $1.98 billion, compared to $843.97 million in August.
The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic.
A financial expert and Managing Director of Financial Derivatives had stated that he expects the exchange rate at the parallel market to likely depreciate to N470-N475/$1 in November and December due to low oil prices that will further limit foreign exchange supply.
Some members of MPC of the CBN have expressed serious concerns over the increasing demand pressure in the country’s foreign exchange market. This is an obligation of manufacturers to their foreign suppliers that continues to increase in the face of dollar shortages.

Currencies

CBN Governor alleges parallel market used for bribes and corruption

Emefiele has said that the parallel market is a tainted market where illegal foreign exchange transactions take place.

Published

11 hours ago

November 25, 2020

Chike Olisah

parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, railed off against the parallel market alleging that it is a tainted market where illegal foreign exchange transactions, which include sourcing of forex cash for purposes of offering bribes and other corrupt activities, take place.

While disclosing that the parallel market is no more than 5% of the forex market, Emefiele said that Nigeria’s official exchange rate should not be determined by the rate in that market where the naira has weakened to a 3-month low.

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This was disclosed by Emefiele, on Tuesday, November 24, 2020, during a virtual briefing in Abuja after the Monetary Policy Committee meeting.

The CBN Governor expressed his disappointment and frustration at the rhetoric of some analysts who say that the parallel market rate of N480/$1 is the exchange rate.

READ: Nigeria imported N1.28 trillion “used vehicles”, motorcycle in one year, up by 42%

What he said

Emefiele, in his briefing, said, “And indeed I heard some analysts talking about the parallel market saying that exchange rate is at N480. I want to say this, that it is unfortunate and really unfair that even analysts who are supposed to know will play with numbers and begin to determine the exchange rate of our currency using parallel market rate.

“For the information of everybody, parallel market as far as we know it and the data that we have, is a shallow market in Nigeria with no more than 5% of market share. Parallel market and quote me is a tainted market in Nigeria, where people who desire to deal in illegal foreign exchange transactions including sourcing of FX cash for purposes of offering bribes, corruption, that is where they deal.

“And that is where people who are supposed to understand the implication of these on the economic activities on our country begin to go to television and begin to say our exchange rate is N480. This very unfortunate,” he added.

READ: Naira remains stable at the forex market as NAFEX market turnover drop by 59%

What we know

Whilst forex is obviously a conduit for illegal transactions, it cannot be attributed alone to the parallel market. Illegal transactions disguised as legal also take place in the official market.

Suffice to add that the central bank shares most of the blame in the huge exchange rate disparity between the official and parallel market rates due to some of its policies. For example, there are restrictions on third party transfer of forex from one account to another while importers have limited room to source forex.

READ: Seplat announces exchange rate of N385.78/$1 in payment of its interim dividend

Forex illiquidity in the official market also means most businesses have no option but to source forex in the parallel market where it cost more. Not doing so means they won’t be able to meet their obligations such as servicing loans in forex, paying suppliers and honouring technical contracts.

Disparity widens

According to data from abokifx.com, the naira exchange stood at N483/$1 on Tuesday at the parallel market, whereas it closed at N385.50/$1 on Tuesday at the investors and exporters window, according to data from FMDQ. The official CBN rate still remains N379/$1.

The exchange rate disparity keeps widening as demand pressure increases at the parallel market on account of low dollar supply.

Forex scarcity and some of CBN’s policies like those on export proceeds, barring of third parties from buying forex routed through Form M and others, have seen importers and manufacturers move to the parallel market to meet part of their demands.

Explore Data on the Nairametrics Research Website

Governor Emefiele speaks on the FX parallel market @ the 276th MPC press briefing held 24th November, 2020. pic.twitter.com/NcO84JXo9x

— Central Bank of Nigeria (@cenbank) November 25, 2020