Naira Closes At N795/$ In Official Market

 

The exchange rate between the dollar and naira fell to N795/$ at the investor & exporter window yesterday at the close of business from the N803/$1 on Friday, July 15.

This is coming after the lowest ever the exchange rate fell since Nigeria adopted the managed float exchange rate system and the first time the rate closed above N800/$1 last week. 

The market opened at N782.79/4. It reached a peak of N832 and a low of N699.5 before closing at N795/$

The naira is yet to gain stability following changes implemented by the Central Bank of Nigeria (CBN) in the FX market. 

Meanwhile, at the parallel/black market where the dollar is traded unofficially, the naira fell to N827 per dollar.

Bureaux De Change (BDC) operators in the Victoria Island area of Lagos told TheCable that they buy the greenback for N815, make a gain of N12, then sell at N827.

The traders said demand for the greenback was high on Monday. 

‘‘We don’t have enough dollars in the market now. I guess people need it to import goods or pay school fees abroad because demand is very high,” a currency trader in the market said.

The CBN has constantly maintained that the parallel market represents less than one percent of forex transactions and should never be used to determine the exchange rate.

Last week, Wema Bank lifted the suspension of international transactions on naira cards.

The development means customers can now make international purchases using their naira cards.

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