Business & Economy
Naira to Dollar Crashes to All Time Low at Official and Parallel Market
The Naira to Dollar has Ceased to all time low at official and parallel market.
Eko Hot Blog reports that the exchange rate between the naira and the US dollar closed at N417.01$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
The naira lost 0.16 percent against the dollar on Friday, closing at N417.01/$1, up from N416.67/$1 at the close of trading on Thursday, February 10, 2022. In addition, the official market’s forex turnover increased by 129.27 percent to $170.94 million.
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The Naira, on the other hand, fell 0.7 percent in the parallel market on Friday, February 10th, 2022, to close at N573/$1, down from N569/$1 the previous trading session. According to data obtained from BDC operators interviewed by Eko Hot Blog, this is the case. Meanwhile, the exchange rate on the Peer-to-Peer (P2P) forex market improved slightly, trading at a low of N574 to a dollar on Saturday morning. In comparison to the previous trading session’s N574.17/$, this represents a 0.03 percent increase.
While at the official, the Dollar To Naira is currently trading at ₦417.02/$ Nigeria’s foreign reserve has continued to decline, falling by 0.06 percent to $39.92 billion as of Tuesday, February 8, 2022.
Trading at the NAFEX official window On Thursday, February 9th, 2022, the Investors and Exporters window exchange rate closed at N416/$1, representing a 0.16 percent increase over the previous trading session’s rate of N416.65/$1. On Wednesday, the opening indicative rate closed at N415.15/$1, representing an increase of 83 kobo over the previous trading session’s rate of N415.98/$1. Meanwhile, a top official at the apex bank who spoke to Eko Hot Blog, the Central Bank of Nigeria has no imminent intentions to prohibit the sale of FX to banks. This comes after other media outlets, including Eko Hot Blog, reported that the central bank intended to halt supplying FX to banks before the end of the year. Several news outlets quoted Godwin Emefiele’s response to inquiries at the end of the Bankers’ Committee meeting on Thursday, February 11, 2022, verbatim.
Mr. Emefiele claims that the CBN will block banks from seeking foreign exchange from the bank and instead direct them to the export proceeds market, where they may match their import demands with export proceeds.
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