Forex traders report drop in Dollar rate, struggle to obtain FX

The FMDQ Securities Exchange reported on Thursday that the exchange rate of the Naira to Dollar settled at N463/$1.

According to the foreign exchange (forex/FX) rate tracker, the Naira rebounded, having traded at the cost of N465.13/$1 the previous day.

Before the foreign exchange rate closed at N463/$1, the Dollar cost investors and exporters as much as N467/$1 and as low as N460/$1.

Also, it was reported that the value of foreign exchange transactions at the end of the session in the investors’ and exporters’ window was $104.24 million.

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The day before, the traders’ total value of foreign exchange transactions was $267.04 million. This is a sharp decline of $162.80 million or –60.9 per cent.

This drop reflects the challenges faced by investors and exporters in Nigeria, which was expatiated by the President of the Association of Corporate Treasurers, Yinka Ogunnubi, when he said there is acute forex scarcity.

“For our members and, of course, you know we are a treasurer organisation, most of our challenges have to do with the forex situation because there is acute forex scarcity and our members are not able to access forex easily.

“So, we need the Nigerian Government to solve the policy problems, because that is where the solution is because if they address the policy problems, it will be easier for us to get trade financing, easier for us to pay our taxes and continue business,” Ogunnubi said.