Naira Closes High, As Dollar Rate Depreciates

The official exchange rate between the Naira and the Dollar closed down at N461.83 kobo/$1, data obtained from FMDQ Exchange on Monday disclosed.

Prime Business Africa gathered that the foreign exchange rate depreciated by N0.17kobo, as the Naira gained 0.03 per cent to rise in value on Friday, 17 March 2023, when compared to the N462/$1 reported during Thursday’s session.

During trading, the Dollar rate rose as high as N462.24 kobo in the official market, and as low as N460 before it closed at N461.83 kobo. 

Investors traded $87.81 million worth of foreign exchange during business hours in the Investors and Exporters window of the official market. 

This showed the value of foreign exchange transactions depreciated by –10.19 per cent, as investors and exporters exchanged $9.97 million less than the $97.78 million traded the previous session. 

Year-to-date, the exchange rate has been rather stable in the official market, posting an appreciation of 0.03 per cent or N0.16 kobo since the beginning of January. 

It indicates the Naira has managed to stand its ground against the United States currency despite pressure from the scarcity of the American greenback. 

This is against projections that the Naira will weaken significantly to the Dollar, although analysts have predicted that the depreciation of the Nigerian currency will come after the country’s election in the first quarter of 2023.