Fakoyejo Olalekan
September 27, 2022 Dollar Rates Update: The Naira fell in the official foreign exchange market, Investors and Exporters window, on Tuesday, by -0.07%, as traders increased their asking price to sell a dollar.
Nigeria’s currency depreciated to N436.33/$1 from the N436 that the American greenback was sold at the start of this week. Data from the FMDQ foreign exchange segment disclosed.
Join our WhatsApp ChannelNaira’s decline in the official foreign exchange market follows the continuous scarcity of forex in Nigeria, which has seen the Central Bank of Nigeria (CBN) disburse over $7.6 billion in five months to increase availability of forex for transactions.
Recall that CBN’s Deputy Director, Banking Services, Egboagwu Ezulu, had disclosed that the private sector is hoarding foreign currencies received to trade, keeping the FX abroad after transaction.
“We are taking FX out of this country and dumping offshore; when we were told to bring them back. If Nigerians are bringing back FX, we would not be talking about the challenges of FX. There is a challenge for individuals and businesses to do the right thing.
“That is why the CBN introduced the RT200 to encourage you to bring back the dollar you are saying is scarce, but in the books of the banks, we see billions of dollars that have been exported out of the country, and the OPS is not bringing it back, so how do we finance FX demand?” Ezulu said.
Amid the scarcity of foreign exchange, about $99.43 million transactions were made on the Investors and Exporters window, on Tuesday, surpassing the $78.10 million traded on Monday.
However, in the black market, the Naira gained in value against the United States currency, as Bureau De Change operators dropped their asking price to N690/$1 on Tuesday, below Monday’s N722.
