Naira remains weak at parallel market, trades for N1,310/$1

On the black market where forex is sold unofficially, the Naira exchange rate remained weak, quoting as low as N1310/$1, while peer-to-peer traders quoted around N1293.75/$1.

A quick check on Thursday morning, however, indicates that crypto traders were quoting as high as N1295.22/$1 for the dollar.

On the official market, the naira appreciated against the dollar on Wednesday, October 25, 2023, closing at NGN801.10/$1.

This represents a 5.83% increase from the N847.77/$1 recorded on the previous day.

The intraday high recorded was N891/$1, while the intraday low was N730/$1, representing a spread of N161/$1.

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According to data obtained from the official NAFEM window, forex turnover for the day was $100.18 million, representing a 13.71% increase compared to the previous day.

The external reserves also rose slightly to $33.295 billion, maintaining a seven-day gaining streak that continues to keep it above $33 billion since July 2023.

President Bola Ahmed Tinubu had said that his administration would improve foreign exchange liquidity.

This is according to an October 23 statement signed by Ajuri Ngelale, where the president addressed current economic challenges during the Nigerian Economic Summit.

“President Bola Tinubu has allayed the concerns of the business community, assuring them that crucial plans are underway to improve foreign exchange liquidity.

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The President said his administration would honour every legitimate contract with respect to the nation’s foreign exchange obligations.

Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, on Monday, President Tinubu said he is confident that by working closely with the private sector, financing the Three Trillion Dollar National Infrastructure Stock can be achieved in 10 years and not in 300 years”.