Fakoyejo Olalekan
Traders in the official market exchanged the Naira for Dollar at N462.25 kobo/$1 at the end of the session on Tuesday, 10 May.
Although during trading, investors and exporters exchanged the United States currency at a high of N466/$1 and a low of N460/$1.
Join our WhatsApp ChannelHowever, the foreign exchange rate eventually closed at N462.25 kobo/$1, which is 0.11 per cent or N0.53 kobo lower than the N462.78 kobo the Dollar rate ended trading on Monday, 8 May.
Amid the fluctuation of the Dollar rate, traders transacted 0.49 per cent or $490,000 less foreign exchange in the Investors’ and Exporters’ window.
The official market had recorded $99.33 million in foreign exchange transactions on Monday, but the day after, $98.84 million was transacted by the traders.
With the foreign exchange rate maintaining its volatility and forex supply going through bottlenecks due to monetary policy preserving the foreign reserves, investors and exporters are hoping the new administration coming in on May 29, will bring a shift from the current situation.
Nigeria’s low foreign reserves have forced the Central Bank of Nigeria (CBN) to reduce access to forex in the official market and focus on priorities.
The CBN’s policy had compelled commercial banks to block Naira card users from conducting foreign transactions online.
Commercial banks have informed their account holders to use their Dollar card, which has also been limited to $1,000.
Prime Business Africa understands that the banks have been rationing foreign exchange as the central bank has directed them to source for their own foreign exchange supply channel.
