Naira reverses gain against Dollar at parallel market

The naira reversed its steady gain against the American dollar on Tuesday April 16, 2024 at the official window as the domestic currency traded at N1,148/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This is coming as the country’s foreign exchange (FX) reserves witnessed a significant downturn, dipping by approximately $2.16 billion in 29 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the naira.

Current figures from the CBN, as of April 15, 2024, reveal that the FX reserves are now positioned at $32.29 billion, a stark decline from $34.45 billion recorded on March 18, 2024.

At the end of trading on Tuesday, the naira lost N12 against the dollar when compared to the previous exchange rate of N1,136/$1 on Monday, April 15, 2024.

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The intra-day high and low recorded during the day were N1,225/$1 and N1,000/$1 respectively, representing a lean spread of N225\$1.

While the naira slumped at the official window, it maintained its steady appreciation against the dollar at the parallel window to trade at N1,100/$1 representing a gain of N8 when compared to the N1,108/$1 it traded the previous day.

The British Pound also slumped against the naira by N70 to trade at N1,400\£1 as against the previous trading price of N1,470/£1 representing a gain of N70 for the local currency,

The Canadian dollar however closed flat against the naira to trade at N950| CA$1 same as the previous trading day representing neither loss or gain for the local currency.

The Euro slumped against the naira to trade at ₦1,230/€1 as against the rate of ₦1,250/€1 the previous trading rate indicating a slump of N20 in the European currency.