• Friday, May 24, 2024
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BusinessDay

FX daily turnover declines by 13.44% as naira remains stable

DOLLAR

The daily foreign exchange turnover declined by 13.44 percent to $85.43 million on Friday from $98.69 million recorded on Thursday at the Investors and Exporters (I&E) forex window.

This is due to dollar shortages, which the market has faced since early this year as a result of sharp drop in oil prices, which accounts for about 90% of the country’s foreign exchange earnings and low inflows from remittances due to the Covid-19 pandemic.

In the absence of any dollar supply to the Bureau De Change (BDC) operators in the country by the Central Bank of Nigeria (CBN), on Friday, naira maintained stability as the dollar was traded at N465 on the same day on the black market.

However, in some area of Lagos streets where the black market operators transact business, naira lost N1.00k as the dollar was sold for N466 on Friday as against N465 closed on Thursday on the black market.

At the I&E window, naira remained stable at N386.00 per dollar for the second consecutive day. Analysts at FSDH research said most participants maintained bids between N383.00 and N390.34 per dollar.

The market opened with an indicative rate of N386.24k, which represents a marginal depreciation when compared with N386.13k opened with on Thursday, data from FMDQ revealed.