Victor Ezeja
The value of Nigeria’s currency, the naira, dropped by 0.78 per cent on Wednesday in the official window of the foreign exchange market.
According to data published on the FMDQ Exchange platform the NAFEM (official rate) was ₦1,615/$1 at the close of trading on Wednesday, March 13 against ₦1,603.38/$1 on the previous day.
Join our WhatsApp ChannelThis is however not up to the ₦1,617/$1 recorded on Monday at the close of forex trading.
The data showed that the naira recorded an intraday high of ₦1,635 and a low of ₦1,500.
FMDQ also reported that the daily FX turnover rose by 103.59 per cent to $248.75 million, compared to $122.18 million recorded the previous trading day.
On the other hand, the local currency’s value appreciated in the parallel market also known as the black market, a platform where foreign currencies are traded with the naira unofficially.
The Naira closed trading at ₦1,570 against the greenback in the parallel market on Wednesday, recording a 1.88 per cent.
As reported by currency dealers and Bureau de Change (BDC) operators in Lagos, this represents a notable recovery from the ₦1,600/$ rate seen on March 11.
The disparity between the official and black market exchange rates continues to highlight the complexities in Nigeria’s foreign exchange landscape.
The Central Bank on its part has continued to come up with measures to combat the foreign exchange crisis and inflationary pressures battering the economy.
READ ALSO: Naira Gains Little In Official Market At ₦1,617/$1
The CBN governor, Dr Olayemi Cardoso, on Wednesday, said that despite the challenge posed by the forex crisis and high inflation, the apex bank remains determined to stabilize prices through its monetary policies.
In related developments, the federal government has expressed optimism about the impact of rising oil production on the nation’s economy.
The Minister of Finance and Economy, Wale Edun, announced that Nigeria’s crude oil output has increased to 1.65 million barrels per day (bpd) from 1.25 million bpd in June 2023.
Edun emphasized the significance of this increase as a major source of dollar revenue and non-inflationary government funds.
He further stated that the boost in oil revenue is expected to provide the necessary funds for critical infrastructure development.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
