The naira gained slightly against the US dollar at the Investors and Exporters window on Wednesday, a day after falling amid a shortage of new naira notes in the country.
Data posted on the FMDQ website, where forex is officially traded, showed that the local currency closed at ₦461.50 per $1 on Wednesday, translating to an appreciation of 0.04 percent from N461.67 to the dollar traded in the previous session on Tuesday.
This is significant as forex supply during the business period increased by 30.1 percent ($89.54 million) from the $68.85 million recorded on Tuesday.
The domestic currency touched an intraday low of N462.02 and rose to a high of N446.00 per $1 before closing at N461.50 on Wednesday – the third business day of the week.
The market window officially opened at N461.25 and closed at N461.50.
However, rates on the parallel market shrink due to the lack of new notes more difficult.
Currency traders in Abuja said the dollar was exchanged at N765.00 to the dollar on Wednesday in the parallel market. This represents a depreciation of N10.00 or 1.53 percent from the N755.00 per $1 exchanged on Tuesday.
Currency dealers said on Wednesday that the value of the naira against the dollar fell due to the lack of new notes in the country.
“Since we don’t have naira, we usually trade dollar to dollar now,” a currency trader in Abuja Zone 4, who declined to be named, told PREMIUM TIMES.
Meanwhile, the Supreme Court on Wednesday postponed suits filed by several state governments challenge the February 10 deadline set by the Central Bank of Nigeria (CBN) for phasing out of the old naira notes.
Support the integrity and credibility of PREMIUM TIMES journalism
Good journalism costs a lot of money. But only good journalism can guarantee the possibility of a good society, responsible democracy, and transparent government.
For continued free access to the best investigative journalism in the country, we ask that you consider making a modest contribution to this noble effort.
By contributing to PREMIUM TIMES, you help keep journalism relevant and ensure it remains free and available to all.
contribute
AD TEXT: Call Willie – +2348098788999
