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Naira weakens against dollar across FX markets

The pressure on foreign exchange continued on Friday as Nigeria’s currency weakened against the dollar across FX market segments.

On the black market and retail Bureau, Naira depreciated by N1.00k each as the dollar was trading at N453 and N456 on Friday compared with N452 and N455 respectively, sold on Thursday.

The increase in the cost of the dollar was attributed to a little increase in the demand for dollars and uncertainty about the resumption of dollar sales to Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).

Meanwhile, the reopening of the aviation industry has been put on hold by the Federal Government. The Federal Government on June 1, 2020 announced that airlines would resume operations on June 21.

The CBN said on April 29, 2020 that it had made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

The Apex bank on April 29 2020, resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) and directed users to access FX from the banks.

At the Investors and Exporters (I&E) forex window, Naira lost marginally by N0.04k as the market opened with an indicative rate of N386.67k on Friday from N386.63k on Thursday, data from FMDQ showed.

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