The Naira on Thursday steadied at N483 per dollar at the parallel market as dollar supply halted due to the two-day holiday declared by the Federal Government.
Also, at the Bureau De Change (BDC) segment of the foreign exchange market, Naira was flat at N482 per dollar as the BDC operators could not get their dollar disbursement from the Central Bank of Nigeria (CBN) due to the holiday.
The local currency depreciated by 0.14 percent as the naira/dollar exchange rate closed at N411.25k on Tuesday before the holiday as against N410.67k closed on Monday at the Investors and Exporters (I&E) forex window, data from the FMDQ revealed.
Currency traders who participated in the trading on Tuesday maintained bids at between N395.00k and N420.23k/$, according to the data.
The daily foreign exchange market turnover rose significantly by 201.53 percent to $98.33 million on Tuesday from $32.61 million recorded on Monday.
Data from the CBN’s report shows that aggregate foreign exchange inflow into the economy was US$5.47 billion in January 2021, showing decreases of 54.2 percent and 67.5 percent below its level in the preceding month and the corresponding month of 2020, respectively.
This was attributed to the respective 66.2 percent and 45.1 percent decrease in inflow through the CBN and autonomous sources.
Foreign exchange outflow through the economy fell by 22.1 percent and 57.1 percent to US$2.97 billion, from the levels of US$3.81 billion and US$6.92 billion, respectively, in the preceding month and the corresponding month of 2020.
This was driven, largely, by the decline in outflow through the CBN. Consequently, the foreign exchange transactions through the economy resulted in a net inflow of US$2.50 billion, compared with US$8.13 billion and US$9.90 billion in the preceding month and the corresponding period of 2020, respectively.
