The exchange rate between the naira and dollar opened the week at N1,200/$1 on P2P platforms on Monday as traders continue to face demand pressures amidst dwindling supply.
Checks by Nairametrics reveal quotes opened at about N1,200/$1 however as we approached noon sellers quoted as high as N1,210/$1.
Meanwhile on the black market where the exchange rate is sold unofficially, reports reaching Nairametrics indicate quotes are going for N1200/$1 for cash trades and N1,250-N1300 for “inflows” aka wired transfers. It is important to add that actual crossed rates might be higher or lower depending on who is buying or selling.
However, by the close of business on Tuesday, October 23rd, 2023, some traders quoted inflow rates at about N1300/$1 while cash transactions were being quoted for N1,240. The P2P rate also closed the day at about N1220/$1.
While the black market rates continued to depreciate, the official rates gained on Monday closing at N793.34/$1compared to N808/$1 reported at the end of last week.
The intra-day high was N900/$1 while intra-day lows closed at N788.49/$1 as the market recorded a turnover of $81.55 million
The minister of finance and coordinating the economy, Mr. Wale Edun had during the day stated that around $10 billion of forex inflows is expected within weeks rather than months.
Mr Edun stated this during a panel session at the ongoing Nigeria Economic Summit and answered questions concerning stabilizing the foreign exchange market and enshrining liquidity in the market.
He said,
- “In addition, from the supply of foreign exchange through NNPC, increased production, reduced expenditure, from transactions such as forward sales, from our discussions with sovereign wealth funds, that are ready to invest and provide advanced alongside that investment, there is a line of sight of $10 billion worth of foreign exchange in the relatively near future in weeks rather months.”
