• Sunday, May 19, 2024
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Dollar closes at N380 at black market

Naira

Dollar closes at N380 after trading on Friday in some parts of Lagos black market. This represents N3 loss compare to N375 traded in the morning of the same day.

The depreciation in value of the naira was attributed to increased demand for dollar by end users occasioned by speculation that the Chinese have resumed business and importers of finished goods are buying dollars to meet their needs.

“Since we heard that the Chinese have resumed, dollar started to go up,” one of the black market operators said. However, in some area like Apapa, Lagos, dollar closed stable at N377.

In its foreign exchange management policy, which commenced in 2016, the Central Bank of Nigeria (CBN) had restricted access to forex, to some 43 food and non-food items, that can be produced in the country.

At the Investors and Exporters (I&E) forex window, dollar was quoted at N372, losing N1.65kobo from N370.35/$ traded the previous day, data from FMDQ show.

On Thursday with dollar appreciated by 67 kobo to an average rate of N376 from N376.67k per dollar traded in the morning of same day at the black market.

The CBN on Friday moved the FX sales rate to Foreign Portfolio Investors (FPIs) to N380.2/$, from N366.7/$, in a move that suggests a technical devaluation of the naira, Bloomberg terminal reports.

 

HOPE MOSES-ASHIKE