The foreign exchange market opened on Monday morning with Nigeria’s currency stable on the black market as the dollar traded at N465, the same rate since Thursday last week.
While dollar liquidity slows at the official forex market, investigations show it is available on the black market. BusinessDay reported on Thursday that low liquidity at official FX window has pushed demand to black market.
Read also: FX turnover declines by 88.43% as Naira weakens on tight liquidity
At official segment, the market opened with an indicative rate of N387.46k on Monday at the Investors and Exporters (I&E) forex window. This signals a N1.33k depreciation when compared with N386.13k it opened with on Friday, data from the FMDQ revealed.
The market witnessed lower volume passing through the market due to tightened system liquidity.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.