Increasing Dollar scarcity or demand in the foreign exchange market has put the Naira under more pressure as it declined to N472 per dollar at the parallel (black market) on Monday from N465 on June 15, according to abokiFX.com, which collates rates from street traders in Lagos.
Available records from Bloomberg show that this was the weakest since February 2017 and compares with 12-month forwards that traded at N456.65 as of 1:20 p.m. in Lagos.
In the official spot market, the local currency weakened 0.2per cent to N389 per dollar.
Similarly, the British Pounds exchanged for N575 from N565 to dollar while the Euro exchanged for N525 at the black market on Monday.
At the Bureau De Change segment of the market, the local currency remained stable at N470 to the greenback on Monday, the same rate it exchanged last Friday. The Naira also sold for N576 to the British Pounds on Monday as it was last Friday at the BDC segment.
Nigeria’s dollar shortage is worsening, with the local currency weakening in the parallel market and banks restricting the ability of customers to spend greenbacks abroad using Naira cards.
The prospect for accretion in reserve balance remains fragile, even though oil prices improved 0.5per cent to $42.80 per barrel from penultimate week’s close of $42.6/pbl.
Following the Central Bank of Nigeria’s (CBN’s) plan on the unification of foreign exchange (FX) rates, the official rate was recently devalued by 5.7per cent from ₦361.00/$1.00 to ₦381.00/$1.00.
At the parallel market, rates opened last week at ₦461.00/$1.00 and closed ₦465.00/$1.00, depreciating ₦4.00kobo when compared week by week (w/w).
At the Investors’ & Exporters’ (I&E) Window, the Nigeria Autonomous Foreign Exchange (NAFEX) rate opened at ₦386.50/$1.00 and closed at ₦387.00/$1.00 on Friday, depreciating ₦1.00 w/w from ₦386.00/$1.00. Activity level in the I&E Window fell 34.2per cent to $255.7million from $388.4million recorded in the previous one.
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