FX Dealers Increase Dollar Rate In Official Channel, USD Trades At N754.5 In Black Market

Glamtush reports that the official market on Friday, 9 June, recorded a 0.6% decline in the value of the naira, as the dollar rate was up by N3, according to the FMDQ Exchange, the official foreign exchange rate aggregator.

This online newspaper gathered that the investors and exporters were charged N472.50/$1 at the close of forex trading. On Thursday, the rate settled at N469.50/$1. 

Note that during trading, the naira to dollar exchange rate was up as high as N477/$1, and as low as N460/$1 before the close of business. 

In the end, foreign exchange investors purchased $77.42 million worth of forex in the investors and exporters window according to FMDQ. 

The data from the aggregator showed foreign exchange supply increased by $3.24 million or 4.36%, slightly above the $74.18 million reported the previous day. 

In the black market, the dollar sheds some value, as the forex traders demanded an average price of N754.5/$1, which is below the previous day’s N756.8/$1. 

Although the naira to pound sterling exchange rate didn’t share the same fate, as the British currency was offered at a rate of N961.8/£1, up by N4.2 kobo or 0.43% when compared to the preceding day’s N957.6/£1 rate.

Similarly, the European currency, the euro, was bought at a higher price of N825.9/€1 during trading. The price of the euro was raised by N2.8 kobo in the Bureau De Change window of the black market, from N823.1/€1. 

Meanwhile, the foreign exchange market in Nigeria is set to undergo reform as President Bola Tinubu suspended the head of the Central Bank of Nigeria (CBN), Godwin Emefiele. 

According to the Director of Information, Office of the Secretary to the Government of the Federation, Willie Basse, on Friday, Emefiele’s suspension is due to an ongoing investigation of his office and the planned reforms in the financial sector of the economy. 

Recall that Tinubu, during his inauguration, said there will be house cleaning in the monetary policy of Nigeria to ensure a single foreign exchange market. 

Emefiele’s sack is said to be one of many steps towards reforming the forex market.