• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Exchange rate stabilizes across forex markets as speculative demand for FX drops

Chike Olisah by Chike Olisah
September 3, 2020
in Currencies, Spotlight
Naira strengthens at forex market despite significant drop in dollar supply, Exchange rate gains at the black market as FX Turnover rises over 1000%.
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s exchange rate at the NAFEX window remained stable at N386 during intraday trading on Wednesday, September 2, 2020. In a related development, the exchange rate at the parallel market also remained on Wednesday as it closed at N440/$1 after yesterday’s significant gain.

Market Watch

Parallel Market: At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N440/$1 on Wednesday, according to information from Abokifx, a prominent FX tracking website. This was the same rate that it exchanged on Tuesday, September 1.

READ: Mutilated notes can still be returned after September 2 – CBN

RelatedStories

Naira , dollar, exchange rate

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025

NAFEX: The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N386/$1.

  • This was the same rate that it exchanged on Tuesday, September 1, 2020.
  • The opening indicative rate was N386.08 to a dollar on Wednesday. This represents a 5 kobo drop when compared to the N386.03 to a dollar that was recorded on Tuesday.
  • The N395.13 to a dollar is the highest rate during intraday trading before closing at N386. It also sold for as low as N380/$1 during intraday trading.

READ: Report accuses World Bank of ‘toying’ with Nigeria over $1.5 billion loan

Forex Turnover: Forex turnover at the Investor and Exporters (I&E) window declined by about 34% on Wednesday, September 2, 2020, after 2 consecutive days of increased turnover.

  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $58.46 million on Tuesday, September 1, 2020, to $38.46 million on Wednesday, September 2, 2020.
  • The drop in dollar supply after 2 consecutive 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 $23.19 million which represents a significant drop from the $71.13 million that was recorded the previous week. The day’s FX turnover is still a far cry from the $200 million mark that was recorded sometime 2 weeks ago.
  • Total forex trading at the NAFEX window in the month of August was about $857 million compared to $937 million in July.
  • The exchange rate disparity between the official NAFEX rate and the black-market rate has continued to reduce significantly these past few days dropping to N54.

READ: To test FX market, CBN pumps $50 million

Currency Developments

  • The central bank moved towards exchange rate unification last month after it devalued the official rate to N380/$1.
  • The local currency has been strengthened especially in the black market as the Central Bank of Nigeria introduces some measures targeted at exporters and importers in order to try to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.
  • The resumption of sales of forex to BDCs will inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
  • There has been a sharp drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

Follow us for Breaking News and Market Intelligence.
Tags: Business NewsCentral Bank of NigeriaforexNAFEXNairaNigeria News
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.

Related Posts

Naira , dollar, exchange rate
Currencies

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex
Financial Services

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025
CBN, forex
Financial Services

CBN deadline: Nigerian banks race to file capital restoration plans by July 14

July 8, 2025
Naira , dollar, exchange rate
Currencies

Naira set to break below N1,500/$ resistance 

July 5, 2025
10 African Central Banks exploring digital currencies in 2025 
Economy

10 African Central Banks exploring digital currencies in 2025 

July 4, 2025
Currencies

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025
Next Post
ABCON warns FG on France’s involvement in ECO currency , CBN goes hard on BDC operators, issues various fines

BDC operators reveal the major challenge with resumed sales of forex by CBN

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics