The foreign exchange market closed on Tuesday with Naira losing N1.40k as the dollar was quoted at N385.40k from N384.00 traded on Monday at the Investors and Exporters (I&E) forex window.

The data obtained from FMDQ showed that the daily foreign exchange turnover at the I&E declined by 34.18 percent to $18.58 million from $28.23 million recorded on Monday.

The market opened with an indicative rate of N384.83/$, which showed a N0.50k gain over N385.33k/$ opened on Monday, data from FMDQ revealed.

The Central Bank of Nigeria (CBN) adjusted the exchange rate from N360 to N380/US$ at the I&E window, to stem the pressure in the foreign exchange market.

Nigeria’s currency on Tuesday appreciates by N5 as the dollar was trading at N430 from N435 traded on Monday at the black market.

Some traders were selling the dollar for N435 based on how they sourced. “Dollar is not much in the market and people are selling at different prices,” one of the traders in Festac area of Lagos said.

At the retail Bureau, Naira weakened by N5 with the dollar selling at N435 on Tuesday compared to N430 sold the previous day.

The Central Bank of Nigeria (CBN) on Wednesday last week resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).

The CBN has also made 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 March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators. The suspension notwithstanding, some BDCs are still active in the market.

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Naira weakens to N439 at black market on high demand

By Hope Moses-Ashike • May 6, 2020

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.

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