Market exchange rates converged in a range of 765 naira to the dollar on Thursday amid mixed demand, with the Nigerian naira trading near market equilibrium levels, according to quotes from the FDMQ exchange.
At the Central Bank of Nigeria (CBN) exchange window for investors and exporters, the naira fell as demand for foreign currency increased. However, the national currency appreciated on the black market as users preferred bank exchange rates.
Thursday’s forex quotes from the FMDQ exchange platform showed US$1 selling at Naira 765.13 on the official window. This means the local currency has weakened compared to the exchange rate of 763.17 Naira per US dollar announced in the official market on Wednesday. Meanwhile, forex traders reported Thursday’s open target rate closed at 753.50 naira to the dollar. US$1 = 801 naira was the highest rate recorded in overnight trading until it settled at 765.13 naira.
The naira sold for just 446.32 naira against the dollar in Thursday’s trading, according to market data. A total of $204.84 million was traded in the official window for investors and exporters on Thursday. Nigerian bond yield rises to $7
44Futureview Financial Service Limited indicated that the exchange rate in the CBN Secondary Market Intervention Sale (SMIS) window remained unchanged at Naira 640.00 per dollar. The exchange rate fell 0.13% to 765.5 naira to the dollar in the parallel market on Thursday as Nigeria embarked on reforms.
Cowley Asset Management said in a memo that the three-month and one-year forward rates fell at Naira 776.16 and Naira 860.59 respectively, marking a loss, while the one-month forward rate closed at Naira 616.21.
