Naira on Wednesday Recorded Marginal Depreciation Against The Dollar

On Wednesday, the Nigerian currency, “Naira” gained marginal depreciation against the dollar. According to the BDC operator and accountant, Mr. Harisson Owoh, Naira was all up to recover. The banks are going to sell Forex to Bureau De Change Operators (BDCs). He also opened up about Deposit Money Banks (DMBs), which are working to perfect the required documents to commence the sale of dollars to BDCs.

Naira got 5 points to exchange from N495 to N490 to the dollar. On Tuesday, the currency traded to represent an appreciation of 1.01 %. 

It has shown a 0.14 percent increase in comparison with N426.58 as it exchanged for the dollars, on Wednesday. On Thursday, Naira’s open indicative rate was finalized at N426.88 to the dollar.

The highest exchange rate to the dollar was N431 as per records. Within the day’s trading, the lowest exchange for N414 to the dollar.

At the official Investors’ and Exporters’ (I&E) window or Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) window, the foreign exchange traded a total of 180.83 million dollars on Thursday.

The Nigerian currency also got an advanced risk management strategy against the Euro and the Pound Sterling. On Tuesday it was traded at N500 from N510 and N420 from N426. On the same day, it closed at N317 from N320.25 to the dollar. It made the naira extend the gains at the official interbank market.

At the Forex market, the Central Bank of Nigeria (CBN) would provide a steady recovery for the naira.

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