The naira has firmed up at both official and parallel markets on Tuesday, November 9, 2021.
According to data obtained from the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦413.57$1 on Tuesday, November 9, after it closed at ₦414.55 to a $1 on Monday, November 8, 2021. This marks a N0.098 appreciation.
Similarly, at the Parallel (Black) Market on Tuesday, November 9, 2021, dealers said the Naira exchanges for N570 to the US dollar, which is a N1.00 appreciation from N571/$1 it exchanged on Monday and Friday.
However, the apex bank had displayed N410.82 to the greenback as of Monday, November 8, 2021. This is compared to N411.29/$1 displayed on Friday 5, 2021.
The CBN also displayed the British Pound Sterling as of Monday, November 8, at N555.1411 to the Sterling as against N553.0205/£1 displayed on Friday.
Since the Central Bank last adjusted the exchange rate in August 2020, it has retained the exchange rate of hovering around N410/$1 on its website homepage which in the past, represented the official exchange rate.
The exchange rate displayed on the website has historically been referenced as the official exchange rate of the country.
However, all government transactions since 2021 have been converted using the prevailing exchange rate at the official NAFEX window.
Back in March, Finance Minister, Zainab Ahmed, reportedly informed newsmen that the Nigerian Government had adopted the NAFEX exchange rate as the official rate of conversion for FAAC allocations.
Anyone conducting any business involving foreign exchange in Nigeria will have to quote the prevailing NAFEX exchange rate as the official exchange rate.
In another development, available data shows that with the CBN’s suspension of Foreign Exchange (FX) supply to Bureau De Changes (BDCs), a total of six banks in nine months of 2021 generated N145.6billion income from trading in FX.
The six banks in the prior nine months of 2020 had generated a total of N47.16billion from trading in the FX market.
The six banks are Sterling bank Plc, Union Bank of Nigeria Plc, Wema Bank Plc, Guaranty Trust Holding Company Plc (GTCO), Access Bank Plc and United Bank for Africa Plc (UBA).
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Naira firms at official, parallel market
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