Nigerian Naira continues to strengthen against the US dollar in the official foreign exchange market. This is happening as demand for the dollar has declined significantly in three straight days. Naira's appreciable performance in the market is coming at a time Nigerians are desperately trying to get cash. The Naira exchanged at N461.50 to the dollar at the Investors and Exporters window on Friday. The number represented an appreciation of 0.09 per cent equated with the 461.10 it exchanged on Thursday.
The open indicative rate on Friday closed at N461.50 to the dollar.
An exchange rate of N462.05 to the dollar was the highest rate documented within Friday’s trading before it settled at N461.50.
It sold for as low as N446 to the dollar within Friday’s trading.
The official market's decreased demand for the dollar has been related to the ongoing scarcity of cash which is causing Nigerians to buy less.
With low sales due to cash shortage, participants will see no need to buy dollars to import.
In the parallel market, the domestic currency depreciated against the dollar by N2 to quote at N751/$1 versus Wednesday’s exchange rate of N749/$1.
