Nigerian Currency, Naira has Gained Massively against Dollars at the Official Market Amid Naira Scarcity – See New Exchange Rate below.
According to report gathered by GoldenNewsNg , Naira strengthened further against the United States dollar at the Investors and Exporters window on Thursday 9th of February 2023, extending appreciation to three successive days amidst lingering cash crunch disrupting businesses in the country.
According to data published on FMDQ website, where forex is officially traded, the domestic currency closed at N461.10 per $1 on Thursday. This implies a 0.02 per cent appreciation from N461.17 per $1 it traded in the previous session on Wednesday.
The naira experienced an intraday high of N439.96 and slipped to a low of N462.00 per dollar before settling at N461.10 at the close of business Thursday.
Meanwhile, the spot market window opened at N461.25 and closed at N461.10.
Within this period, foreign exchange supply plummeted by 28 per cent with $ 40.24 million posted as against $ 55.52 million recorded in the previous session on Wednesday.
However, the currency exchange rate at the parallel market across states in the country have been largely affected by the lingering new note scarcity among Nigerians.
Due to the existing chaos triggered by the nationwide scarcity of the redesigned naira notes, exchange rate at the parallel market has been irregular across states and among currency dealers this week.
On Thursday, amidst efforts to restrain the Central Bank of Nigeria (CBN) from putting an end to the usage of old naira notes by 10 February and the proactive moves by anti-graft agencies and the State Security Services (SSS) to curb newly designed naira notes hawking by street marketers and mobile cash point operators, the naira exchanged against the dollar at varying rates depending on dealers and mode of transactions.
In Uyo and Abuja, currency dealers said the dollar is exchanged at N750.00 per $1 for those who preferred online transfers.
However, the Bureau de change operators said that for those who opted for cash transactions, the dollar was exchanged at N600/$1 on Thursday.
Meanwhile, the dollar to Naira exchange rate at the Lagos parallel market (black market) is traded for N 752 to $1