Naira Gains Marginally at Investors and Exporters Window

The Naira on Friday appreciated against the dollar at the Investors and Exporters window, exchanging at N430.33.

The figure represented an increase of 0.08 per cent, compared with N430.67 it exchanged for the dollar on Thursday.

The open indicative rate closed at N429.50 to the dollar on Friday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N430.33.

The Naira sold for as low as N417 to the dollar within the day’s trading.

A total of 82.38 million dollars was traded in foreign exchange at the official Investors and Exporters window on Friday.

However, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N697/$1 on Friday morning, a 0.14% depreciation when compared to N696/$1 recorded as of the same time on Thursday.

Also, naira closed trading at N698/$1 at the black market on Thursday, indicating a 0.29% depreciation against the US dollar, representing the lowest level since August 1, 2022. This is according to information from black market operators.

It is worthwhile to note that Nigeria is facing a forex exchange crisis, and this has affected the price of goods and services, including local and international flights.

Recently, the International Air Transportation Association (IATA) said foreign airlines’ funds being withheld in Nigeria increased from $450 million in May to $464 million in July.

Due to the inability to repatriate its funds, Emirates Airlines, the flag carrier of the United Arab Emirates (UAE), said it would halt flights to Nigeria from next month.

To reduce the persistent FX pressures in the country, the World Bank and the International Monetary Fund (IMF) have advised the Central Bank of Nigeria (CBN) to unify exchange rates.

August 27, 2022