Fakoyejo OlalekanThe supply of foreign exchange (forex) fell by 40.3 per cent in the official market on Monday, as the exchange rate stabilises in the window backed by the Central Bank of Nigeria (CBN).
During trading on January 10, Prime Business Africa leant investors traded $47.13 million worth of foreign currency in the official market.
According to data obtained from FMDQ Exchange, the worth of forex transacted on Monday depreciated by $31.92 million from the $79.05 million foreign exchange transacted by traders last week Friday.
At the start of trading, the exchange rate between the dollar and naira opened at a lower N459.33/$1 but the official window closed the session at N461.67.
The dollar rate settled at the same level it did during Friday’s trading session. However, during trading on Monday, it rose to as high as N462/$1, and as low as N426/$1.
In the interbank segment, the naira couldn’t hold its ground against the British pound and Euro. The exchange rate between the naira and pound rose to N548.39/£1 from N541.56/£1.
Also, in comparison to the Euro, the naira depreciated by N4.48 to N482.56/€1 from N482.56/€1 reported at the close of trading last week Friday.
Meanwhile, note that on Monday, Bureau De Change operators told Prime Business Africa that the dollar was sold to the public at the exchange rate between N735/$1 to N740/$1.
Also, purchasing the pound in the black market will cost the public N900/£1 in the black market.
The gap between the official market and the Bureau De Change window has remained above N200, as the Central Bank of Nigeria (CBN) roll out multiple policies to reduce the exchange rate in the Investors and Exporters window and starve the black market of forex.
Nigeria’s financial regulator first halt sale of foreign exchange to Bureau De Change operators in 2021, then redesigned the naira, as well as limit withdrawal of the local currency over the counter, via the Auto Teller Machine (ATMs) and Point of Sale (PoS) last year.
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