Fakoyejo Olalekan
The Dollar rate was static in the official market, as traders in the investors’ and exporters’ window traded fewer foreign exchange on Friday.
At the end of trading, according to data obtained from the FMDQ Exchange, the Naira to Dollar rate settled at N463/$1 on 19 May.
Join our WhatsApp ChannelThis was the same foreign exchange rate that the Nigerian and United States currencies traded during the previous day’s trading session.
FMDQ Exchange reported that traders in the official market had exchanged the Naira for Dollar at a high price of N467/$1 and low rate of N460 but went on to break at N463 by the close of trading.
On the same day, investors and exporters recorded $91.81 million transactions in foreign exchange, a drop from $267.04 million recorded the day before.
The traders saw supply depreciate by N175.23 million or 65.61 per cent at the end of business activities in the official market.
Also, according to Naira Rates, a foreign exchange aggregator, the Naira exchanged for the Dollar at the rate of N759/$1.
Meanwhile, the foreign reserve of Nigeria is set to record a lift after President Muhammadu Buhari commissioned the Dangote Petroleum Refinery on Monday, 22 May 2023.
Some of the benefits of Dangote Refinery coming onstream are Nigeria will no longer expend its foreign exchange on importation of fuel and it will increase the foreign exchange the country will generate yearly, as Dangote Refinery will export refined petroleum products to foreign countries.
Dangote made a statement to that effect today: “Beyond this, we intend to ensure that our plants are run at the highest capacity of utilisation and the highest efficiency to enable us to export competitively to other markets, especially in the ECOWAS and wider regions in which 53 countries out of 55 are dependent on imports to meet their petroleum products demand.”
