Exchange rate weakens at N1,175/$ in parallel market, NAFEM strengthens N782.68/$


The naira weakened in the parallel market closing at N1,175 per dollar yesterday.
This showed a 6.8 percent depreciation when compared to N1,100 per dollar rate recorded the previous day.
Black market traders have cited low inflows and lack of access to the green back as reasons for the rise.
However, the naira strengthened to N782.68 per dollar at the Nigerian Foreign Exchange Market (NAFEM).



Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N782.68 per dollar from N790.68 per dollar on Tuesday, indicating N8 appreciation for the naira.


The naira has continued to weaken against the green back across all market segment since the Central Bank of Nigeria (CBN) announced the lifting of the ban on 43 items previously restricted from accessing foreign exchange (forex) from the investor’s and exporters’ (I&E) window now NAFEM.


In NAFEM, the currency has lost N23.48 since the announcement when it stood at N759.2 per dollar till date.


Similarly, the currency lost N145 in the parallel market where it stood at N1,030 per dollar last week Thursday.


A look at the data also showed the exchange rate sold at an intra-day high of N999/$1 higher than the N986 per dollar that was recorded yesterday while its intraday low was N701 per dollar.
However, the volume of dollars traded in NAFEM rose by 39 percent to $97.47 million from $69.88 million on Wednesday.


Data on peer to peer (P2P ) websites where forex is traded unofficially via cryptocurrency at the close of market showed that the exchange rate quoted for as low as N1,170.