Naira closes unchanged at N475 to dollar on parallel market

Dollar shortage had worsened on the back of the demand by would-be pilgrims and summer travellers.

The foreign exchange market on Monday opened and closed with Nigeria’s currency exchanging with the dollar at N475 on the black market, the same since Friday.

The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a result of Covid-19 pandemic.

However, naira gained by 0.62 percent or N3 as the dollar traded at N477 on Monday compared with N480 traded since December 4, 2020 at the Bureau De Change (BDC) segment of the market.

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Over 5,000 BDCs funded their accounts on Monday in anticipation of dollar disbursement by the Central Bank of Nigeria (CBN) on Tuesday.

The CBN sells $10,000 twice weekly to DBCs and has sold over $1.0 billion to BDCs since September 2020, in a bid to inject more liquidity and ease demand pressures.

At the Investors and Exporters (I&E) forex market, Naira remained unchanged N394.00. Analysts at FSDH research said most participants maintained bids between N385.00 and N408.84 per dollar.

The daily marker foreign exchange turnover declined by 72.42 percent to $108.40 million on Monday from $392.99 million recorded on Friday.

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.