Fakoyejo OlalekanThe naira rose in value in the Investors’ and Exporters’ window of the official market on Thursday, January 12, 2023, as the dollar fell by -0.16 per cent in value.
At the end of trading in the official channel backed by the Central Bank of Nigeria (CBN), it was learnt that the exchange rate closed at N461.17/$1.
This indicates the naira appreciated by N0.73 kobo on Thursday, as it closed at N461.90/$1 during the trading session on January 11, 2023.
Prime Business Africa gathered from data published by FMDQ Exchange disclosed that during intra-day trading on Thursday, the exchange rate rose to as high as N462/$1, but also traded as low as N440 to one dollar the same day.
This week, foreign exchange supply to the official market has been at various levels, with over $88.95 million worth of forex transacted among traders on Thursday.
Supply fell by -41.2 per cent or $62.31 million when compared to the figure recorded during Wednesday’s trading when $151.26 million worth of forex was transacted.
On Tuesday, traders exchanged $117.63 million worth of forex in the Investors and Exporters window. It surpassed the $47.13 million recorded during the previous session.
Recall that Prime Business Africa had reported that the dollar rate in the black market on Thursday was between N740 to N750.
The dollar rate has been a cause for concern for many Nigerian traders, as the shortage of forex in the CBN-backed exchange market pushes demand to the black market where the dollar is sold at a premium price.
Nigeria’s exchange rate has been attributed to the fuel scarcity experienced in the country by the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu.
“The exchange rate is affecting fuel imports, which is also why the cost of petroleum products are high. We use too much naira to chase the few dollars that are available. So the solution is for us to refine our crude here and get our depots working,” Chinedu said.
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